The lithium sector continues to see demand from investor dollars, with Frontier Lithium (TSXV: FL) being the latest recipient. The company last night announced it would be conducting a flow through financing on a bought deal basis.
Lead by Canaccord Genuity and BMO Capital Markets, the financing will see a total of $10.0 million raised by the company in an offering priced at $1.86 per flow through share. A total of 5.4 million shares are to be sold under the offering, with no warrant included in the financing.
Further, an over-allotment option has been granted which could see the sale of an additional 1.1 million units of the company.
Sponsored · Mercado Minerals Ltd.
Proceeds from the company are to be used for eligible exploration expenses within Canada at the firms PAK Lithium Project in Ontario.
The offering is currently slated to close December 15, 2021.
Frontier Lithium last traded at $1.52 on the TSX Venture.
Information for this briefing was found via Sedar and Frontier Lithium. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
