ULI.V Price: 0.180 Change: +0.00 Volume: 25500 15-20 min delay view details
Vancouver, B.C., August 18, 2014 – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“Ultra Lithium” or “the Company”) announces that it has arranged a non-brokered private placement of shares with Beijing Zairun Mining Investment Co., Ltd (“BZMI”) at a price of $0.05 per share for gross proceeds of $1,000,000. The proceeds from the private placement will be used to fund the continuing exploration and development of the Company’s Balkans project and for general working capital purposes.
The Company also announces that the joint venture agreement with BZMI related to the Balkans project as announced in the Company’s news release dated June 18, 2013, has been terminated. Ultra Lithium through its wholly owned subsidiary, Ultra Balkans D.O.O. Beograd, retains 100% of the Balkans project.
At the Company’s annual and special meeting held on August 7, 2014, Mr. Jiancheng Peng was elected as a new member of the Board of Directors. Mr. Peng brings over 30 years of experience in engineering and finance. He is the Chairman and founder of Chengdu Tonghui Investment Management Corp., an investment firm in China. Mr. Peng obtained his Bachelor’s Degree in Engineering from Southwest Jiaotong University in 1982.
On behalf of the Board of Directors,
ULTRA LITHIUM INC.
President & CEO
For more information contact the Company at:
Telephone: (604) 669-5778
Facsimile: (604) 669-9768
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.