Ultra Lithium Inc. Provides Update on Yahua Investment
October 13 2022 - 7:30AM
Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) (“Ultra Lithium” or
the “Company”) announces that the Company and Ya Hua International
Investment and Development Co. Ltd. (Yahua) have mutually agreed to
terminate Yahua’s equity subscription in Ultra Lithium.
In May 2022 Yahua signed a subscription
agreement for 21,276,596 units of Ultra Lithium at a price of
$0.235 per unit for gross proceeds of $5 million. The Parties have
not completed closing and have agreed to terminate the subscription
agreement and mutually release each other from any claims under the
terms of the subscription agreement effective immediately.
Ultra Lithium and Yahua shall also negotiate
terms under which the Parties may terminate Yahua’s investment in
NCLC. Based on the Parties’ assessment of the current international
environment and its potential impact on the mine development cycle
the Parties determined that it would be in the best interest of
their shareholders to terminate the investment.
Forgan Lake and Georgia Lake Drilling Program
Continues
Ultra Lithium is well capitalized with over $8.8 million in its
treasury. The Company has established a strong relationship with
the local first nations and has their continued support to explore
and develop the properties. Ultra Lithium is continuing its
exploration program as previously announced including:
- completing an additional 400 meters of larger diameter HQ size
drill holes to better define the lithium pegmatites and minimize
the nugget effect of large spodumene crystals
- logging and cutting core in preparation for shipping for
assay
- embarking on a soils sampling program to identify additional
pegmatites at Georgia Lake and Forgan Lake
- completing metallurgical testing on bulk surface samples
- preparing NI 43-101 report and resource estimate upon receipt
of assay results
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/71701835-6cfa-4de5-97f4-20bed2a445e4
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