SUDBURY, ON, Dec. 18, 2019 /CNW/ - Frontier Lithium
Inc. (TSX.V: FL) (the "Company") announces that it has
received interest above the previously announced $354,000, and accordingly intends to increase the
amount to be raised under its non-brokered private placement
offering to $564,000.24, subject
to TSXV approval. All other terms of the offering remain
as set out in the Company's December 17,
2019 news release.
The company now proposes to issue 1,658,823 units ("FT Unit") at
a price of $0.34 each. 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
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 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% Li2O and an
Inferred Lithium Resource of 1.8 million tonnes of 2.10%
Li2O which has a rare technical/ceramic grade spodumene
with low inherent iron (below 0.1% Fe2O3) 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.