Frontier Lithium Raises $645,120 in Flow Through Financing
Sudbury, Ontario (FSCwire) - Frontier Lithium Inc. (TSX.V: FL) (the “Company”) announces the closing of a non-brokered Flow Through private placement offering for a total of 1,466,182 units (“Units”) of the Company priced at $0.44 per Unit, for total gross proceeds of $645,120. The Flow Through private placement was oversubscribed from the initial offering by $145,120, issuing an additional 63,853 common shares of the Company.
In connection with the CDN $645,120 Offering, the Company issued finder’s fees of CDN $15,000.00 (totaling 2.32% of the gross proceeds of the Offering).
All of the Shares and Warrants issued pursuant to the Flow Through private placement are subject to a minimum 4-month hold period. Proceeds from the financing will be used to advance exploration of Frontier’s 100% owned and optioned PAK Lithium Project located in northwestern Ontario.
About Frontier Lithium Inc.
Frontier’s goal is to become a low-cost, fully integrated lithium producer through development of the PAK lithium deposit in Ontario, Canada. Frontier maintains a tight share structure with management ownership exceeding 30% of the Company. The deposit boasts its lithium in a rare, high-purity, low-iron spodumene. The initial target market is the glass-ceramic industry which consumes roughly one-quarter of global lithium supply and is currently faced with monopolistic conditions, coupled with major lithium producers increasingly directing output toward supporting battery manufacture.
Ceramic/glass customers prefer to source technical-grade (low-iron) spodumene concentrate in excess of 7% lithium oxide (Li2O), if available, to avoid inferior lower grade petalite concentrates, or paying much higher prices for battery grade lithium compounds.
The PAK lithium deposit remains open in all directions and Company Management is working towards developing a viable operation. The Company is currently completing a pre-feasibility study to assess the economic viability and technical feasibility of producing lithium concentrates. Frontier’s goal is to first establish a viable technical grade spodumene concentrate operation. A possible second stage of investment and longer term prospect is to further process a combination of some of PAK’s output to produce the higher purity lithium compounds required for lithium battery technologies used in the electrification of transportation and electric grid storage applications.
About the PAK Lithium Project
The PAK Lithium Project lies close to the boundary between two geological sub-provinces of the western Superior geologic province in northwestern Ontario and hosts a rare metals pegmatite deposit. The deposit is an LCT (lithium- cesium- tantalum) type pegmatite. These types of pegmatites have been the principal source of hard rock lithium, tantalum, rubidium and cesium ores mined in the world but there are comparatively few commercially-viable deposits.
Frontier is actively exploring its 100% owned project which contains the Pakeagama Lake pegmatite. The PAK deposit has a current Measured and Indicated Resource of 8.5 million tonnes of 1.78% Li2O and an Inferred Lithium Resource of 1.9 million tonnes of 2.01% Li2O which has a technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3).
The deposit now has a known 500m strike length with an estimated true width varying from 10m to 125m with a sub-vertical orientation. The resource remains open to depth and along strike to the northwest and southeast.
Company Contact Information
Trevor R. Walker
President & CEO
2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Media Requests
Joseph Mansourian
Manager, Investor Relations
2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA
T. +001 705.618.0070
F. +001 705.897.7618
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.
To view the original release, please click here
Source: Frontier Lithium Inc. (TSX Venture:FL, OTC Bulletin Board:HLKMF, FWB:HL2)
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