Ultra Lithium Announces Financing, Termination Of Joint Venture Agreement And New Director.
Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” 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
Marc Morin, President & CEO
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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.
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