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Frontier Lithium Closes C$15 Million Bought Deal Offering

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-- Frontier Lithium (FL.V) closed its previously announced bought deal offering of units of the company with a syndicate of underwriters led by BMO Capital Markets, said the company on Thursday.

An aggregate of 20 million units were sold at a price of C$0.75 each for gross proceeds to the company of C$15 million, said the company.

Each unit is comprised of one common share and half of one common share purchase warrant. Each whole warrant shall be exercisable to acquire one common share at a price of C$1.00 per warrant share for a period of two years from the closing of the offering, stated the company.

A total of six insiders participated in the offering, acquiring a total of 136,668 units for gross proceeds $102,501, added the company.

The net proceeds will be used for advancing the PAK Lithium Project, said the company and added that these funds will support the completion of an updated mine and mill technical report, facilitate activities related to government-funded or cost-shared infrastructure initiatives, permitting, advancement of Lithium Conversion Study and cover general administrative as well as corporate expenses.

"This financing marks an important step in advancing the PAK Lithium Project, supporting key engineering, permitting and downstream initiatives that will continue to de-risk the asset and support the Company's efforts toward future project financing", said Trevor Walker, President and Chief Executive Officer of the company. "We were pleased to see continued support from long-term shareholders, new institutional investors and insiders, reinforcing our belief that Frontier is well positioned for the next phase of the market-supporting a secure North American lithium supply, advancing a phased de-risking strategy, and positioning the project as a strategic asset within the emerging domestic critical minerals supply chain."

The company's shares were last seen unchanged at $0.62 on the TSX Venture Exchange.

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