Frontier Lithium Reports Third Quarter Results

About this update from Frontier Lithium Inc.

[{"type":"text","content":"Frontier Lithium Reports Third Quarter ResultsSUDBURY, ON / ACCESSWIRE / February 27, 2023 / Frontier Lithium Inc. (TSXV:FL)(FRA:HL2)(OTCQX:LITOF) (\"Frontier\" or the \"Company\") has reported financial results for the third quarter ended December 31st, 2022.The financial statements and the related management's discussion and analysis have been filed on SEDAR (www.sedar.com) and can be viewed under the company's profile on SEDAR.Highlights For The Current Quarter And Recent DevelopmentsFinancial HighlightsOn November 10, 2022, the Company closed a bought deal prospectus offering and issued 10,465,000 units of the Company, including 1,365,000 units issued to underwriters for over-allotment option at a price of $2.20 per unit, representing total gross proceeds of $23.0 million. The Offering was completed through a syndicate of underwriters co-led by RBC Capital Markets and Goldman Sachs Canada Inc. (the \"Joint Bookrunners\"), and including BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Stifel Nicolaus Canada Inc. (collectively with the Joint Bookrunners, the \"Underwriters\"). The Underwriters received a cash commission equal to 5.5% of the gross proceeds of the Offering.Each Unit consists of one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant of the Company totaling to 10,465,000 common shares and 5,232,500 warrants. Each Warrant will entitle the holder thereof to purchase one common share of the Company (a \"Warrant Share\") at a price of $2.75 for a period of 36 months following the closing of the Offering. The net proceeds of the Offering will be used by the Company to fund exploration and development activities at the PAK Lithium Project, located in Northwestern Ontario, as well as general administration and corporate purposes.As at December 31, 2022, the Company had cash and cash equivalents of $30.1 million (March 31, 2022 - $17.7 million) and positive working capital of $30.2 million (March 31, 2022 - $17.6 million). The Company anticipates having sufficient funds to meet its corporate and administrative expenses at least until December 31, 2023. The Company reported a net loss and comprehensive loss of $6.8 million ($0.03 per share) for the three months ended December 31, 2022, compared to a loss of $2.1 million ($0.01 per share) for the co...

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