Ultra Lithium Announces Increase in Size of Private Placement
Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that due to the oversubscription of its previously announced non-brokered private placement, the Company is increasing the size of its private placement. The Company will now issue up to 8,970,000 units at $0.05 per unit and up to 8,600,000 units at $.0525 per unit for total gross proceeds of up to $900,000. Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.10 per share for a period of one year from closing of the private placement.
The proceeds from the Private Placement will be used to fund the exploration of the Company’s South Big Smoke Valley property and for general working capital purposes.
All securities issued under the private placement will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to all necessary regulatory approvals including acceptance for filing by the TSX Venture Exchange.
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
For further information, please contact:
Kiki Smith, CFO
Or view the Company’s filings at www.sedar.com
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.