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Frontier Lithium closes $2.01 Million in Financing
Frontier Lithium closes $2.01 Million in Financing Canada NewsWire SUDBURY, ON, ...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"\n\n\n\nFrontier Lithium closes $2.01 Million in Financing\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\nCanada NewsWire\nSUDBURY, ON, Aug. 5, 2020\n\n\n\nSUDBURY, ON, Aug. 5, 2020 /CNW/ - Frontier Lithium Inc. (TSX.V: FL) (the \"Company\" or \"Frontier\") announces the closing of a non-brokered private placement offering for a total of 10,077,000 units (\"Units\") of the Company priced at $0.20 per Unit,  for total gross proceeds of $2,015,400. Each Unit consists of one (1) Common Share of the Company and one-half (½) share purchase warrant (the \"Warrant\"), for total of 5,038,500 warrants priced at $0.27 for a period of 24 months following the closing date of the issuance. The private placement was oversubscribed from the initial offering by $765,400, issuing an additional 3,827,000 common shares of the Company. \n\n \n \n \n \n \n \n\n \nIn connection with the CDN $2,015,400 Offering, the Company issued finder's fees of CDN $84,624.00 (totaling 4.2% of the gross proceeds of the Offering) and 423,120 finder warrants. Each finder warrant will be exercisable at a price of $0.27 into one common share for a period of twenty-four (24) months from the date of issuance.\nA portion of the Private Placement constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as some of the Units were issued to certain directors and officers of the Company. The issuance of the Units to the insiders of the Company under the Private Placement are exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a), as the Company's common shares are not listed on a specified market and the fair market value of these Units will not exceed 25% of the Company's market capitalization. \nAll of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-month hold period. The Offering is subject to certain conditions incl...