Ultra Lithium Inc. Closes First Tranche of Private Placement
June 17 2022 - 9:40AM
Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) (“Ultra Lithium” or
the “Company”) announces that it has closed the first tranche of
its previously announced private placement (the “Private
Placement”) (see news release dated June 2, 2022) for gross
proceeds of C$1,074,699. The Company sold 4,220,000 flow-through
units of the Company (each, a “
FT Unit”) at a
price of C$0.25 per FT Unit for gross proceeds of C$1,055,000 from
the sale of FT Units, and 83,829 non-flow-through units of the
Company (each, an
“
NFT Unit”) at a price of
C$0.235 per NFT Unit for gross proceeds of C$19,699.82 from the
sale of NFT Units.
Each FT Unit consists of one (1) common share of
the Company issued as a “flow-through share” within the meaning of
the Income Tax Act (Canada) (each, a “FT
Share”), and one half of one common share purchase warrant
(each whole warrant, a “Warrant”). Each NFT Unit
consists of one common share of the Company (each, a “NFT
Share”) and one half of one Warrant. Each Warrant will
entitle the holder thereof to purchase one common share of the
Company (each, a “Warrant Share”) at a price of
C$0.30 per share for a period of twelve (12) months from their date
of issue.
Proceeds from the sale of NFT Units will be used
to fund the exploration of the Company’s Argentine and Canadian
properties and for general working capital purposes.
Proceeds from the sale of FT Units will be used
to incur "Canadian exploration expenses" as defined in subsection
66.1(6) of the Tax Act and "flow-through mining expenditures" as
defined in subsection 127(9) of the Tax Act ("Qualifying
Expenditures"). Such proceeds will be renounced to the
subscribers with an effective date not later than December 31,
2022, in the aggregate amount of not less than the total amount of
gross proceeds raised from the issue of FT Shares. Proceeds from
the Offering will be used for to fund eligible exploration
expenditures of the Company’s Canadian properties.
Finder’s fees of C$74,528.99 were paid and
298,468 finder’s warrants were issued in connection with the
Private Placement. Each finder’s warrant will entitle the holder
thereof to purchase one common share of the Company at an exercise
price of $0.30 for a period of twelve (12) months from the date of
issuance. All securities issued in connection with the Private
Placement are subject to a statutory hold period expiring four
months and one day from issuance under applicable Canadian
securities laws, in addition to such other restrictions as may
apply under applicable securities laws of jurisdictions outside
Canada. The private placement is subject to final approval by the
TSX Venture Exchange.
The securities issued under the Private
Placement have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "1933
Act"), or under any state securities laws, and may not be
offered or sold, directly or indirectly, or delivered within the
United States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the 1933 Act) absent registration
or an applicable exemption from the registration requirements. This
news release does not constitute an offer to sell or a solicitation
to buy such securities in the United States.
About Ultra Lithium Inc.Ultra
Lithium Inc. is an exploration and development company with a focus
on the acquisition and development of lithium, gold, and copper
assets. The Company holds a brine lithium property in Argentina,
hard rock spodumene type lithium properties at the Georgia Lake /
Forgan Lake area in northwestern Ontario, Canada, and a brine
lithium property in the Big Smoky Valley, Nevada, USA. The Company
also holds other gold and base metals properties in Argentina.
For further information, please contact the
Company at:Attention: Kiki SmithTelephone: 778 968-1176Email:
kiki@ultralithium.comWebsite: www.ultralithium.comor view the
Company’s filings at www.SEDAR.com.
Cautionary Statement Regarding
“Forward-Looking” InformationSome 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.
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