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FRONTIER LITHIUM AND MITSUBISHI CORPORATION FORM JOINT VENTURE TO ADVANCE THE FIRST FULLY INTEGRATED LITHIUM OPERATION IN ONTARIO, CANADA
FRONTIER LITHIUM AND MITSUBISHI CORPORATION FORM JOINT VENTURE TO ADVANCE THE FIRST FULLY INTEGRA...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"\n \n \n \n FRONTIER LITHIUM AND MITSUBISHI CORPORATION FORM JOINT VENTURE TO ADVANCE THE FIRST FULLY INTEGRATED LITHIUM OPERATION IN ONTARIO, CANADA\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n SUDBURY, ON\n \n \n ,\n \n \n March 4, 2024\n \n \n /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (\"Frontier\" or \"the Company\"), is pleased to announce a definitive agreement with Mitsubishi Corporation (\"Mitsubishi\") (Tokyo Stock Exchange: 8058:JP) to establish a joint venture partnership (\"JV\") for the PAK Lithium Project mine and planned lithium chemicals conversion facility (collectively the \"Project\"). This JV partnership delivers immediate and near-term financing to aggressively advance the first fully integrated lithium mining and processing operation in\n \n Ontario\n \n .\n \n \n Under the terms of the agreement, signed on\n \n March 2, 2024\n \n , Mitsubishi will acquire an initial 7.5% interest in the Project for\n \n C$25 million\n \n . Upon completion of the definitive feasibility study (\"DFS\"), Mitsubishi will have the right to increase its interest in the JV to 25% through the purchase of additional shares at a price based on the net value of the Project as shown in the DFS. Additionally, Frontier and Mitsubishi will work closely together to pursue project financing to fund the development capital costs of the Project.\n \n \n \n Transaction Highlights\n \n \n \n \n This strategic investment recognizes the size, high quality and strategic importance of the Frontier's PAK Lithium Project to the North American EV supply chain;\n \n \n Mitsubishi, a global conglomerate with a market cap of more than\n \n JPY13 trillion\n \n and having a portfolio of large-scale mineral resource assets with world-class cost competitiveness and quality, makes its first step into upstream lithium production to contribute to the growing needs of the battery materials supply chain;\n \n \n The JV is structured to cover the equity funding for the planned mine and mill while maintaining at least 75%...