Frontier Lithium is raising $20 million with which to continue exploration of the PAK lithium project in northwestern Ontario. The bought deal is underwritten by a syndicate led by RBC Capital Markets and Goldman Sachs.
The underwriters have agreed to purchase 9.1 million units of Frontier at a price of $2.20 per unit. Each unit consists of one common share and one-half of one purchase warrant. Each full warrant will entitle the holder to purchase a common share at a price of $2.75 within a period of 36 months following the closure of the bought deal. Closing is expected on Nov. 8, 2022.
