FRONTIER ANNOUNCES C$20 MILLION BOUGHT DEAL PROSPECTUS OFFERING

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

SUDBURY, ON, Oct. 19, 2022 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company") has today entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets & Goldman Sachs & Co., LLC (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis, 9,100,000 units of the Company (the "Units") at a price of C$2.20 per Unit (the "Offering Price"), representing total gross proceeds of approximately C$20 million (the "Offering").

Each Unit shall consist of one common share of the Company (a "Common Share") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (a "Warrant Share") at a price of $2.75 for a period of 36 months following the closing of the Offering.

In addition, the Company has granted the Underwriters an option (the "Underwriters' Option"), exercisable in whole or in part, for a period of up to 30 days after the closing date of the Offering, to purchase up to 1,365,000 additional Units at the Offering Price. In the event that the Underwriters' Option is exercised in its entirety, the aggregate gross proceeds of the Offering will be 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 development project, located in Northwestern Ontario, as well as general administration and corporate purposes.

The Units will be offered by way of short form prospectus in all of the provinces of Canada (except Quebec) pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Units may also be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and such other jurisdictions as agreed between the parties.

Closing is expected to occur on or about November 8, 2022 and is subject to regulatory approval including that of the TSX Venture Exchange and the applicable securities regulatory authorities. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Units in any state in which such offer, solicitation or sale would be unlawful. The Units have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Frontier Lithium
Frontier Lithium is a preproduction business that is targeting to become a manufacturer of battery-quality lithium materials to support electric vehicle and battery supply chains in North America. Frontier 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. The project continues to have significant exploration upside with potential to increase the lithium resource. The Company is a pure-play lithium development opportunity with the largest land position in a premium lithium mineral district located in Northern Ontario.

About the PAK Lithium Project
The PAK Lithium Project contains one of North America's highest grade lithium resource. A 2021 preliminary economic assessment (National Instrument 43-101 technical report titled "Pak Property" by BBA E&C Inc., issued on April 5, 2021) delivered a fully integrated lithium operation from the resource to achieve downstream conversion plan for production of battery-quality lithium salts. The Project encompasses close to 27,000 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 kilometres of the Electric Avenue's length and remains largely unexplored; however, since 2013, the company has delineated two premium spodumene-bearing lithium deposits (PAK and Spark), located 2.3 kilometres apart. Exploration is ongoing on the Project through two other spodumene-bearing discoveries: the Bolt pegmatite (located between the PAK and Spark deposits), as well as the Pennock pegmatite (25 kilometres northwest of PAK Deposit within the project claims).  

Forward-looking statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements.  Examples of certain forward looking statements relate to closing of the Offering, use of proceeds of the Offering and the receipt of all necessary approvals. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings available at www.sedar.com.

SOURCE Frontier Lithium Inc.

Company Contact Information, Bora Ugurgel, Manager, Investor Relations, 2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001 705.897.7618