Proceeds used for exploration and development of the Balkans Project
By Devika Patel
Knoxville, Tenn., April 29 - Ultra Lithium Inc. said it took in C$2 million in the second and final tranche of a C$4.5 million non-brokered private placement of units. The deal priced Jan. 24 and raised C$2.5 million on March 12.
The company sold a total of 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 and 40 million units in the second.
Each two-year warrant is 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.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$4.5 million
|
| Units: | 90 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 24
|
| Settlement date: | March 12 (for C$2.5 million), April 29 (for C$2 million)
|
| Stock symbol: | TSX Venture: ULI
|
| Stock price: | C$0.04 at close Jan. 23
|
| Market capitalization: | C$11.91 million
|
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