- Ultra Resources Inc. (ULT) has closed a non-brokered private placement for gross proceeds of C$1,038,208
- The company shall pay finders fees of $66,322 cash and 602,928 finders warrants
- Proceeds will be used to fund the exploration of the company’s Argentine and Ontario properties
- Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets
- Ultra Resources Inc. (ULT) opened trading at $0.185 per share
Ultra Resources Inc. (ULT) has closed a non-brokered private placement of 9,438,250 units at $0.11 per unit for gross proceeds of C$1,038,208.
Each unit consists of one common share and one-half non-transferable common share purchase warrant.
Each share purchase warrant will entitle the holder to purchase an additional common share at $0.20 per share for a period of one year from the closing of the private placement.
Provided that if the closing price of the common shares is equal to or greater than $0.25 for a period of ten consecutive trading days, the company will have the right to accelerate the expiry of the warrants by notifying warrant holders that the warrants will expire at 4:30 p.m. (Vancouver time) on a date not less than ten business days from the date notice is given.
The company shall pay finders fees of $66,322 cash and 602,928 finders warrants for a portion of this placement.
Proceeds will be used to fund the exploration of the company’s Argentine and Ontario properties and for general working capital purposes.
All securities issued under the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws. The private placement is subject to final approval by the TSX Venture Exchange.
Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The company has approximately 16 Gold Mining and Exploration Licences located in La Rioja Province, Argentina; and two Argentinian and two Canadian Lithium Projects.
Ultra Resources Inc. (ULT) opened trading at $0.185 per share.