Ultra Lithium Inc. (TSX-V: ULT) (OTCQB: ULTXF) is pleased to announce that it has closed a non-brokered private placement issuing 18,181,819 Units at a price of C$0.055 per Unit for gross proceeds of C$1,000,000.
Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant. Each whole Warrant will entitle the holder thereof to purchase one common share of the Company at $0.11 in the first twelve months following issuance and at $0.12 in the second twelve months following issuance. The net proceeds from the sale of Units will be used for general working capital purposes.
In connection with a portion of the Private Placement, the Company will pay Finder’s fees of C$30,000 cash and issue 545,455 finder’s shares to a finder. The Private Placement is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The Unit Shares, Warrant Shares and Finders Shares will be subject to a hold period of four months and one day in accordance with applicable securities laws.
About Ultra Lithium Inc.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.
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