Mr. Bora Ugurgel reports
FRONTIER ANNOUNCES OVERSUBSCRIBED FLOW THROUGH PRIVATE PLACEMENT AND SHARES FOR DEBT FINANCING
Frontier Lithium Inc. has arranged a shares-for-debt financing of $22,008.56 of debt owed to Rugged Geomatics Inc., a company owned by one arm's-length individual. Frontier proposes to issue up to 78,602 common shares at a price of 28 cents. In addition to the common shares issued to the arm's-length party, Frontier will issue one-half of a common share purchase warrant for a total of 39,301 warrants.
The company has also received interest above the previously announced $400,000 and accordingly intends to increase the amount to be raised under its non-brokered private placement offering to $478,399.88, subject to TSX Venture Exchange approval. All other terms of the offering remain as set out in the company's Oct. 28, 2019, news release.
The company now proposes to issue 1,708,571 flow-through units at a price of 28 cents each. Each flow-through unit will consist of one common share in the capital stock of Frontier issued on a flow-through basis and a one-half common share purchase warrant. Each full flow-through warrant will entitle the holder to purchase one common share at a price of 37.5 cents per common share until the date which is 24 months following the closing date of the offering, whereupon the flow-through warrants expire. The securities issued pursuant to the offering will be subject to a four-month-and-one-day statutory hold period.
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.
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