Ultra Lithium Closes Financing
Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has closed its non-brokered private placement of 7,500,000 units for gross proceeds of $750,000. Each unit consists of one common share and one-half common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share of the Company at $0.10 per share at any time until February 17, 2013. The expiry date of the warrants may be accelerated by the Company if its shares trade at $0.20 or higher for 10 consecutive trading days.
The Company shall pay $63,250 and issue 112,500 units (having the same terms as in the private placement) as finders’ fees on this private placement.
The securities issued under the private placement are subject to a four month hold period expiring June 18, 2011.
The financing proceeds will be used to fund project due diligence and for general working capital purposes.
On behalf of the Board of Directors
Marc Morin, President & CEO
For further information, please contact:
T: +1-778-968-1176
F: +1-604-909-4682
E: info@ultralithium.com
W: www.ultralithium.com
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.
