Ultra Lithium Closes First Tranche Of Private Placement
Vancouver, BC – Ultra Lithium Inc. (TSX-V: ULI) (FSE: QFB) (“ULI” or “the Company”) is pleased to announce that it has closed the first tranche of its $4.5 million non-brokered private placement previously announced on January 21, 2013. Ultra Lithium raised $2,500,000 through the issuance of 50,000,000 units at a price of $0.05 per unit. Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant entitles the holder to acquire an additional common share of the Company at $0.10 per share at any time until March 12, 2015.
Finders’ fees of $25,000 and 4,000,000 shares, being 9% of the gross proceeds raised, are payable on this tranche of the private placement.
All securities issued under the private placement will be subject to a four month hold period expiring on July 13, 2013, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange (“Exchange”).
The proceeds from the private placement will be used primarily to fund the exploration and development of the Company’s Balkans Project in the Republic of Serbia and for general working capital purposes.
The Private Placement is subject to final acceptance for filing by the TSX Venture Exchange.
On behalf of the Board of Directors
Marc Morin, President & CEO
For further information, please contact:
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.