Shares of This Lithium Explorer Are on an Upswing

By: Tomas Ronolski - AllPennyStocks.com News

Thursday, November 10, 2022

Lithium is an important element needed for rechargeable batteries for mobile phones and electric vehicles. This company is targeting to become a lithium manufacturer and just closed an offering to fund exploration at one of North America's highest grade lithium resources.

Frontier Lithium Inc. (TSXV: FL) (OTCQX: LITOF) announced that it closed its previously announced bought deal prospectus offering. Pursuant to the Offering, the Company issued 10,465,000 units (the "Units") of the Company, including 1,365,000 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) in connection with the Offering, at a price of C$2.20 per Unit, representing total gross proceeds of C$23,023,000.

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 further described in the Prospectus. The firm is developing the PAK Lithium Project which contains one of North America's highest-grade, large-tonnage hard-rock lithium resources in the form of a rare low-iron spodumene.

Shares were trading up at $1.99 in morning trade.

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