VANCOUVER, British Columbia, Oct. 7, 2022 (GLOBE NEWSWIRE) — Ultra Lithium Inc. ULTULTXF (“Ultra Lithium” or the “Company”) is pleased to announce that it has completed its non-brokered private placement, which raised 2,156,278 units at a price of C$0.15 per unit (at a premium of 50% over the current market) for gross proceeds of 2,156,278 units spent $323,442.
Each Unit consists of one common share of the Company (each a “Unit Share”) and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) for a period of 24 months. Each warrant is exercisable at $0.25 for the first 12 months after the closing of the private placement and $0.35 thereafter. The net proceeds from the sale of shares will be used for general working capital purposes.
In connection with the private placement, the Company will pay finder’s fees of $8,849 in cash and 58,995 finder’s warrants consisting of $3,424 in cash and 22,828 finder’s warrants to Red Cloud Securities Inc., $2,625 in cash and 17,500 finders -Warrants to Cormel Capital Sarl and $2,800 in cash and 18,667 finder’s warrants to Jemini1 Finance Inc. Each finder’s warrant is exercisable for a period of 24 months at a price of $0.25 for the first 12 months after the closing date of the private placement and thereafter exercised at a price of $0.35. Closing of the private placement is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. The Company’s unit shares, warrant shares and common shares that may be issued under finder warrants are subject to a four month and one day hold period under applicable securities laws.
About Ultra Lithium Inc.
Ultra Lithium Inc. is an exploration and development company focused on the acquisition and development of lithium, gold and copper assets. The Company owns a brine lithium property in Argentina, Hard Rock…
