Frontier Lithium Announces Oversubscribed Private Placement
Frontier Lithium Announces Oversubscribed
Private Placement
SUDBURY, ON
,
July 22, 2020
/CNW/ -
Frontier Lithium Inc.
(TSXV: FL)
(the "Company" or
"Frontier")
announces that it has received strong interest above the previously announced
$1,250,000
, and accordingly intends to increase the amount to be raised under its non-brokered
private placement offering to
$2,005,400
; therefore the company now proposes to issue 10,027,000
units at a price of
$0.20
each subject to TSX Venture Exchange ("TSX-V") approval. All other terms
of the offering remain as set out in the Company's
June 23, 2020
news release.
All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-
month 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-V and applicable securities
regulatory authorities. Proceeds from the financing will be used to advance Frontier's 100% owned
PAK Lithium Project located in northwestern
Ontario
.
Other matters
Effective immediately,
Michael Tamlin
has curtailed his responsibilities to the Company by stepping
down from the Board of Directors for personal reasons. Mr. Tamlin has agreed to continue to
provide strategic advice to the Company and will serve on the Advisory Board.
About Frontier Lithium Inc.
Frontier Lithium is a
Sudbury
based, publicly listed, junior mining company with the largest land
position in an emerging premium lithium mineral district located in the Great Lakes region of northern
Ontario
. The company's PAK Lithium Project contains
North America's
highest-grade concentration
of rare low-iron, lithium bearing mineral spodumene and is
Ontario's
largest resource with significant
upside potential to increase. Frontier Lithium's objective is to build fully integrated operations to
produce premium lithium concentrates for industrial use and downstream lithium chemicals essential
for the burgeoning electric vehicle market.
Frontier maintains a tight share structure with management ownership exceeding 30% of the
Company.
About the PAK Lithium Project
The PAK Lithium Project encompasses 26,774 hectares at the south end of
Ontario's
Electric
Avenue, which is the largest land package hosting lithium bearing pegmatites in
Ontario
. The Project
covers 65km of Avenue length and remains largely unexplored; however, since 2013 the company
has delineated two premium spodumene bearing lithium deposits located 2.3 km from each other at
the southwestern end of the project. Recently, Frontier confirmed the presence of spodumene with
the Pennock Lake pegmatite occurrence a further 30km along Frontier's PAK Lithium Project.
The PAK deposit has a mineral reserve in proven and probable category of 5.77 MT averaging
2.06% Li
2
O. The deposit hosts a rare technical/ceramic grade spodumene with low inherent iron
(below 0.1% Fe
2
O
3
). The "2019 Discovery of the year award" winning Spark Deposit has a mineral
resource estimate of 3.2 MT averaging 1.59% Li
2
O in indicated and 12.2 MT averaging 1.36% Li
2
O
in inferred category, as per NI 43-101 Technical Report, "PAK prefeasibility study, Spark resource
estimation" by WSP Canada Inc. and Nordmin Engineering Ltd., updated on
March 23, 2020
.
SOURCE
Frontier Lithium Inc.
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For further 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 08:05e 22-JUL-20