Frontier Lithium announces $354,000 Flow- Through Financing
Frontier Lithium announces $354,000 Flow-
Through Financing
SUDBURY, ON
,
Dec. 17, 2019
/CNW/ - Frontier Lithium Inc. (TSX.V: FL) (the "Company") is
pleased to announce a non-brokered private placement to raise gross proceeds of up to
$354,000
(the "
Offering
") by way of the issuance of up to 1,041,176 flow through share units (the "FT Units")
at a price of
$0.34
per FT unit.
Each FT Unit will consist of one common share in the capital stock of Frontier ("
Common Share
")
issued on a flow-through basis and a ½ Common Share purchase warrant ("
FT Warrant
"). Each full
FT Warrant will entitle the holder to purchase one Common Share at a price of $0.45 per Common
Share until the date which is 24 months following the closing date of the Offering, whereupon the FT
Warrants expire. The securities issued pursuant to the Offering will be subject to a four month and
one day statutory hold period.
Frontier Lithium reserves the opportunity to grant to eligible persons a finder's fee of a maximum 6%
of the gross proceeds of the Offering and finder warrants of a maximum of 6% of the total number
of Units sold under the Offering. Each finder warrant will be exercisable at an exercise price of
$0.45 CDN
into one common share for a period of 24 months from the date of issuance.
All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-
month and one day statutory hold period. The Offering is subject to certain conditions including, but
not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture
Exchange ("
TSX-V
") and applicable securities regulatory authorities. Proceeds from the financing will
be used to advance exploration of Frontier's 100% owned PAK Lithium Project located in
northwestern
Ontario
.
The Company also announces that due to clerical error in its press release on
December 11, 2019
,
the announced 1,966,666 of stock option replenishment has been corrected to 2,316,666.
About Frontier Lithium
Frontier Lithium is a Canadian junior mining company with the largest land position in the Electric
Avenue, an emerging premium lithium mineral district located in the Canadian Shield of northwestern
Ontario
. The company's PAK Lithium Deposit contains
North America's
highest concentration of rare
low-iron spodumene. Frontier Lithium's objective is to firstly become a near term producer of
premium technical grade lithium mineral concentrates of 2,000 tonnes of Lithium Carbonate
Equivalent ("LCE") for premium glass producers. The Company's secondary objective is to ramp up
production of concentrates to 20,000 tonnes of LCE and to build a downstream processing facility to
produce lithium chemicals required by glass and battery materials producers.
Frontier maintains a tight share structure with management ownership of 30% of the Company.
About the PAK deposit
The PAK Deposit is located at the south end of
Ontario's
Electric Avenue, a newly emerging
premium lithium-metal district which also hosts Frontier's new discovery at Spark showing (2km
northwest) and the Pennock Lake pegmatite occurrence a further 30km along Frontier's PAK Lithium
Project. The PAK deposit has a current Measured and Indicated Resource of 7.5 million tonnes of
2.02% Li
2
O and an Inferred Lithium Resource of 1.8 million tonnes of 2.10% Li
2
O which has a rare
technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe
2
O
3
) as per its NI 43-101
Technical Report, "Preliminary Feasibility Study" disseminated on
April 16, 2018
.
Additional information regarding Frontier Lithium is available on SEDAR at
sedar.com
under the
Company's profile and on its website at
frontierlithium.com
, including various pictures of ongoing
work at the project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE
Frontier Lithium Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2019/17/c2253.html
%SEDAR: 00008434E
For further information:
Company Contact Information: Bora Ugurgel, Manager, Investor
Relations, 2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001
705.897.7618
CO: Frontier Lithium Inc.
CNW 10:27e 17-DEC-19