Frontier Nuclear & Minerals Inc.: announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

21 Sept 2023capital raising announcement● NeutralMajor

Snow Lake closed a flow-through share offering of 2,133,979 common shares at CDN$3.6117 (US$2.67) each, raising CDN$7,707,291.95 (US$5,697,709.73), for Manitoba exploration and development. Roth Capital Partners was resale agent and received 86,000 five-year warrants at US$2.67 plus US$109,479.37 in fees. This is the first financing disclosed since the 2021 IPO; the CEO is now Frank Wheatley (replacing Philip Gross as signatory/CEO in earlier filings) and the release describes the project as 8.2 Mt of resource.

What it means for a shareholder

2.1m new shares at C$3.61 to raise about C$7.7m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held C$1,000 of shares (277 at the issue price), your slice goes from 0.00152% to 0.00136% of the company. To keep it you'd need 32 more shares - about C$116 at the issue price.

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26 Nov 2021capital raising announcement▲ GoodMajor

Snow Lake Resources (the company later known as Frontier Nuclear & Minerals) closed its Nasdaq initial public offering of 3,680,000 common shares at $7.50 each, including 480,000 shares from the underwriters' full over-allotment option, for gross proceeds of $27.6 million before fees and expenses. The company says the money is for resource development (more exploratory drilling, technical studies, possible project acquisitions) and general corporate purposes. Shareholders in the IPO now hold shares in a company with a single wholly owned lithium project in Manitoba, the Thompson Brothers Lithium Project.

What it means for a shareholder

3.7m new shares at $7.50 to raise about $27.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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