Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that the TSX Venture Exchange has approved a consolidation of its common shares on a 10 for 1 basis (the “Consolidation”). The Consolidation will take effect at the opening on Friday September 18, 2015.
On April 23, 2015 the Board of Directors voted to consolidate the shares capital of the company on the basis of ten (10) common shares for one (1) new share of the company. The Company currently has 232,622,505 common shares outstanding and will have 23,262,251 common shares outstanding after consolidation. The Board of Directors anticipate the consolidation will further assist the company to obtain additional financing.
The Company’s name and stock trading symbol “ULI” have remained the same.
No fractional shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares. In addition, the exercise price and number of common shares of Ultra Lithium issuable upon the exercise of outstanding stock options and warrants will be proportionately adjusted to reflect the Consolidation.
A letter of transmittal will be mailed to registered holders to be used to exchange their current share certificates for certificates representing the consolidated number of common shares in connection with the Consolidation.
About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Big Smoky Valley Project located in Nevada, USA. The Big Smoky Valley project is in the vicinity of Abermarle’s Silver Peak mine and only 310 kilometres from Tesla’s upcoming Gigafactory.
On behalf of the Board of Directors
Kiki Smith, CFO
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.