- Ultra Lithium (ULT) has closed the first tranche of its previously announced private placement for gross proceeds of C$1,074,699
- It will use the funds as general working capital and to explore its Argentine and Canadian properties
- Ultra Lithium is an exploration and development company focused on acquiring lithium, gold and copper assets
- Ultra Lithium (ULT) is unchanged trading at $0.22 per share
Ultra Lithium (ULT) has closed the first tranche of its private placement for gross proceeds of C$1,074,699.
It sold 4,220,000 flow-through units priced at $0.25 and 83,829 non-flow-through units priced at $0.235.
Each flow-through unit consists of one common share – issued as a flow-through share as defined in the Income Tax Act (Canada) – and one half of one common share purchase warrant.
Each non-flow-through unit consists of one common share and one half of one warrant.
Each warrant can be exercised into one common share priced at $0.30 for up to one year from issuance.
Ultra will use the funds from non-flow-through units for general working capital and to explore its Argentine and Canadian properties.
It will use proceeds from flow-through units to incur Canadian exploration expenses and flow-through mining expenditures at its Canadian properties as defined in the Income Tax Act (Canada).
The company will renounce such proceeds to subscribers with an effective date no later than December 31, 2022, in the aggregate amount of no less than total gross proceeds from flow-through shares.
Ultra Lithium is an exploration and development company focused on acquiring lithium, gold and copper assets. It is currently operating in Canada, Argentina and the U.S.
Ultra Lithium (ULT) is unchanged trading at $0.22 per share as of 10:22 am EST.
