Proceeds used for exploration and development of the Balkans Project
By Devika Patel
Knoxville, Tenn., Jan. 24 - Ultra Lithium Inc. said it will conduct a C$4.5 million non-brokered private placement of units.
The company will sell 90 million units of one common share and one warrant at C$0.05 per unit.
Each two-year warrant will be exercisable at C$0.10, a 150% premium to the Jan. 23 closing share price of C$0.04.
Proceeds will be used for exploration and development of the company's Balkans Project in Serbia and general working capital purposes.
The resource explorer is based in Vancouver, B.C.
Issuer: | Ultra Lithium Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$4.5 million
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Units: | 90 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | Jan. 24
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Stock symbol: | TSX Venture: ULI
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Stock price: | C$0.04 at close Jan. 23
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Market capitalization: | C$4.06 million
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