Ultra Lithium Closes First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/13 -- Ultra Lithium (TSX VENTURE: ULI)(FRANKFURT: QFB) ("the Company" or "Ultra") is pleased to announce that it has closed the first tranche of its $4.5 million non-brokered private placement previously announced on January 21, 2013. Ultra Lithium raised $2,500,000 through the issuance of 50,000,000 units at a price of $0.05 per unit. Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant entitles the holder to acquire an additional common share of the Company at $0.10 per share at any time until March 12, 2015.
Finders' fees of $25,000 and 4,000,000 shares, being 9% of the gross proceeds raised, are payable on this tranche of the private placement.
All securities issued under the private placement will be subject to a four month hold period expiring on July 13, 2013, pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange ("Exchange").
The proceeds from the private placement will be used primarily to fund the exploration and development of the Company's Balkans Project in the Republic of Serbia and for general working capital purposes.
The Private Placement is subject to final acceptance for filing by the TSX Venture Exchange.
On behalf of the Board of Directors
ULTRA LITHIUM INC.
Marc Morin, President & CEO
We seek Safe Harbor.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Ultra Lithium Inc.
Marc Morin
President & CEO
(604) 669-5778
(604) 669-9768 (FAX)