Sudbury, Ontario (FSCwire) - Sudbury, Ontario –February 1, 2017 – Frontier Lithium Inc. (TSX.V: FL) Frontier (the “Company”), is pleased to announce that a total of 3,144,444 common share purchase warrants (the “Warrants”) have been exercised at a price of $.29 per common share, for aggregate proceeds to FL of $911,889.
The exercise of these Warrants represent a strong vote of confidence by investors as 100% of the total Warrants (3,144,444) have been exercised. Furthermore, 53% of the exercise was from insiders of the company. Proceeds from the exercised warrants will be used to advance exploration of Frontier’s 100% owned PAK Lithium Project located in northwestern Ontario.
About Frontier Lithium Inc.
Frontier’s goal is to become a low-cost, fully integrated lithium and tantalum producer through development of the PAK lithium deposit in Ontario, Canada. Frontier maintains a tight share structure with management ownership exceeding 30% of the Company. CAD $4 million of exploration work has been conducted from 2013 to 2016 on the deposit which boasts its lithium in a rare, high-purity, low-iron spodumene. The Company has adopted a staged growth approach to exploration and development in order to avoid unnecessary share dilution – a strategic imperative for the Company. The initial target market is the ceramic/glass industry which consumes roughly one-third of global lithium supply and is currently faced with monopolistic conditions, coupled with major lithium producers increasingly directing output toward supporting battery manufacture.
Ceramic/glass customers prefer to source technical-grade (low-iron) spodumene concentrate in excess of 7% lithium oxide (Li2O), if available, to avoid inferior lower grade petalite concentrates, or paying much higher prices for battery grade lithium compounds that require chemical plants costing hundreds of millions of dollars.
The PAK lithium deposit remains open in all directions and Company Management believes the resource can be developed into a world-class operation. Once production of lithium concentrates are established from Frontier, the possible second stage of investment and longer term prospect is to further process some of PAK’s output to produce the higher purity lithium compounds required for lithium battery technologies used in the electrification of transportation and electric grid storage applications.
Frontier has a total of 128,063,069 commons shares issues and outstanding. For more information please visit www.frontierlithium.com
