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Frontier Lithium Closes Previously Announced $12 Million Bought Deal Private Placement of Flow-Through Shares and Exercise of Over-Allotment Option
Frontier Lithium Closes Previously Announced $12 Million Bought Deal Private Placement of...
About this update from Frontier Lithium Inc.
[{"type":"text","content":"\n \n \n \n Frontier Lithium Closes Previously Announced $12 Million Bought Deal Private Placement of Flow-Through Shares and Exercise of Over-Allotment Option\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 Dec. 15, 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 the Company has closed its\n \n previously announced\n \n bought deal financing (the \"Offering\").\n \n \n \n \n \n \n \n \n \n The Company issued a total of 6,453,000 Flow-Through shares (the \"Shares\") of Frontier at a price of\n \n $1.86\n \n per Share (the \"Offering Price\"), which included an additional 1,076,000 flow-through shares pursuant to the full exercise of the over-allotment option, for gross proceeds of\n \n $12,002,580\n \n .\n \n \n The Shares were offered on a bought deal basis co-led by Canaccord Genuity Corp. and BMO Capital Markets (collectively, the \"\n \n Underwriters\n \n \").\n \n \n In connection with the Offering, the Company paid the Underwriters a cash fee of approximately 6% of the aggregate gross proceeds raised from the Offering The Underwriters also received broker warrants equal to 6% of the number of Shares sold.  Each broker warrant is exercisable over a 24-month period and entitles the holder to acquire one non-flow-through common share of the Company at a price of\n \n $1.52\n \n .\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 Qu...