Proceeds used for exploration and development of the Balkans Project
By Devika Patel
Knoxville, Tenn., March 12 - Ultra Lithium Inc. said it raised C$2.5 million in the first tranche of a C$4.5 million non-brokered private placement of units. The deal priced Jan. 24.
The company is selling 90 million units of one common share and one warrant at C$0.05 per unit. It sold 50 million units in the initial tranche.
Each two-year warrant is exercisable at C$0.10, a 150% premium to the Jan. 23 closing share price of C$0.04. The first-tranche warrants are exercisable until March 12, 2015.
Proceeds will be used for exploration and development of the company's Balkans Project in Serbia and for 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: | March 12, 2015
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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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Settlement date: | March 12 (for C$2.5 million)
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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$5.21 million
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