Greg Mills Joins Frontier Lithium’s Board of Directors

Sudbury, Ontario, April 28, 2021 – Frontier Lithium Inc. (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) (“Frontier” or “the Company”) and Reginald (Rick) Walker, Chair of the Board, are pleased to announce that Greg Mills, formerly Head of RBC's Global Equities, has been appointed to Frontier’s Board of Directors, effective immediately.  Mr. Mills has 36 years of experience in capital markets and currently is the Chairman of the Board of Sundial Growers Inc., a director of Aequitas Innovations and the capital markets advisory to Portag3 Ventures.

 

“We are excited to welcome Greg as a new director to Frontier’s Board,” said Rick Walker, Chairman of Frontier. “Greg complements our Board’s skills and experiences and we are confident he will provide extremely valuable perspectives as we continue to execute our growth strategy and enhance value for all of Frontier Lithium and PAK Lithium Project stakeholders.”

 

Mr. Mills has extensive leadership experience, having served 20 years at RBC Dominion Securities Inc as managing director of RBC Capital Markets’ Global Equities division and on RBC Capital Markets’ Operating and Global Risk committees and previously was a director of RBC USA Holdco Corporation. Mr. Mills holds a Bachelor of Science in Geology from the University of Windsor.

 

"I am excited to be working with Frontier’s directors and executive team. The electrification of transportation is an enormous global market opportunity which will become underserved by a limited North American lithium mining and chemicals industry and I believe Frontier Lithium is ideally positioned with a quality asset to capitalize on.” said Greg Mills.

 

Other Matters

 

Effective immediately, Ernie Marcotte has reduced his responsibilities to the Company by stepping down from the Board of Directors. Mr. Marcotte has agreed to continue to provide strategic technical advice to the Company and will serve on the Advisory Board.

 

A portion of the Private Placement which closed on April 21,2021 constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as some of the Units were issued to certain directors and officers of the Company. The issuance of the Units to the insiders of the Company under the Private Placement are exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a), as the Company's common shares are not listed on a specified market and the fair market value of these Units will not exceed 25% of the Company's market capitalization. The Company has also included an acceleration clause whereby at its sole discretion, force the conversion of the warrants issued if the common shares trade above $1.50 for 30 consecutive days beginning August 16, 2021 until expiry.

 

The Company also announces that pursuant to its "Stock Option Plan" it has granted 1,750,000 stock options, to certain employees, officers, directors and strategic advisors. The options are set for a period of five years, expiring on April 28, 2026. The options are priced at $.90 and are subject to regulatory approval.

 

About Frontier Lithium

 

Frontier Lithium (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) is an emerging pure play lithium company with the largest land position in the Electric Avenue, an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company maintains 100% ownership in 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. The Project has significant upside exploration potential. Frontier is a pre-production business that is targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 25% of the Company.

 

About the PAK Lithium Project

 

The PAK Lithium Project encompasses 26,774 hectares at the south end of Ontario's Electric Avenue, the largest land package hosting premium lithium bearing pegmatites in Ontario. The Project covers 65 km of the Avenue length and remains largely unexplored; however, since 2013 the company has delineated two premium spodumene bearing lithium deposits (Pak and Spark) located 2.3 km from each other. A 2021 Preliminary Economic Assessment of a fully-integrated lithium operation utilizing spodumene concentrate generated from the PAK Lithium Project resource to achieve downstream conversion for production of battery-quality lithium chemicals (NI 43-101 Technical report titled "PAK Property" by BBA Engineering Ltd. report issued on April 5, 2021) resulted in a post-tax NPV8% of USD $974M with a 21% IRR. Considerable exploration upside is supported on the PAK Lithium Project through two other spodumene bearing discoveries; Bolt pegmatite located between PAK and Spark deposits, as well as Pennock pegmatite, a further 30 km northwest of PAK within the Project claims.