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Frontier Lithium Announces $10 Million Bought Deal Private Placement of Flow-Through Shares
Frontier Lithium Announces $10 Million Bought Deal Private Placement of Flow-Through Shar...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"\n \n \n \n Frontier Lithium Announces $10 Million Bought Deal Private Placement of Flow-Through Shares\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n SUDBURY, ON\n \n ,\n \n Nov. 24, 2021\n \n /CNW/ -\n \n Frontier Lithium Inc.\n \n (TSXV: FL) (OTCQX: LITOF) (FSE: HL2) (\"\n \n Frontier\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and BMO Capital Markets (collectively, the \"\n \n Underwriters\n \n \"), pursuant to which the Underwriters have agreed to purchase, on a \"bought deal\" basis, 5,377,000 flow-through common shares of the Company (the \"\n \n Flow-Through Shares\n \n \") that will qualify as \"flow-through shares\" (within the meaning of subsection 66(15) of the Income Tax Act (\n \n Canada\n \n )) at a price of\n \n $1.86\n \n per Flow-Through Share (the \"\n \n Offering Price\n \n \") for gross proceeds of\n \n $10,001,200\n \n (the \"\n \n Offering\n \n \").\n \n \n The Company has granted the Underwriters an option, exercisable in whole or in part at any time up to 48 hours prior to closing of the Offering, to arrange for the purchase of up to an additional 1,076,000 Flow-Through Shares at Offering Price. The Offering is expected to close on or about\n \n December 15, 2021\n \n (the \"\n \n Closing Date\n \n \") and is subject to the Company receiving all necessary regulatory approvals.\n \n \n The gross proceeds of the Offering will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) (the \"\n \n Qualifying Expenditures\n \n \") related to the Company's PAK Lithium Project located in\n \n Ontario, Canada\n \n on or before\n \n December 31, 2022\n \n . All Qualifying Expenditures will be renounced in favou...