Frontier Lithium Closes Flow Through Financing
Frontier Lithium Closes Flow Through
Financing
SUDBURY, ON
,
Dec. 11, 2019
/CNW/ - Frontier Lithium Inc. (TSX.V: FL) (the
"Company") announces the closing of a non-brokered Flow Through private placement offering for a
total of 1,708,571 units ("Units") of the Company priced at
$0.28
per Unit, for total gross proceeds
of
$478,399.88
. Each Unit consists of one (1) Common Share of the Company and one-half (½)
share purchase warrant (the "Warrant"). Each full Warrant entitles the holder thereof to purchase
one (1) additional common share of Frontier Lithium at an exercise price of
$0.375
for a period of
twenty-four (24) months from the date of issuance. In connection with the CDN
$478,399.88
offering, the Company issued finder's fees of CDN
$27,023.99
and 96,514 finder warrants.
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. Proceeds from the financing will be used to advance
exploration of Frontier's 100% owned PAK Lithium Project located in northwestern
Ontario
.
Pursuant to its "Stock Option Plan", the Company also announces that it will replenish 1,966,666
stock options at
$.30
.
About Frontier Lithium Inc.
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 exceeding 30% of the
Company.
About the PAK Lithium Project
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 the 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
www.sedar.com
under
the Company's profile and on its website at
www.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.
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%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 08:00e 11-DEC-19