Ultra Lithium Announces a Non-Brokered Private Placement of $0.05 Units - Video Summary on www.InvestmentPitch.com
Jan 29, 2013 (Newsfile Corp via COMTEX) --
(TSXV: ULI) has announced a non-brokered private placement of up to $4.5
Each $0.05 unit will consist of one common share and one common
share purchase warrant. Each warrant will entitle the holder to purchase an
additional common share at an exercise price of $0.10 for a period of 2 years.
The proceeds 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
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Through its wholly-owned local subsidiary, Ultra Lithium has a
100% in an area covering 643 square kilometres, in the Republic of Serbia, where
it is actively exploring for lithium and boron in the form of a newly-discovered
mineral called Jadarite. Jadarite, officially recognized by the International
Mineralogical Association in 2006, can be processed with off the shelf
technology. These properties are in the same region as Rio Tinto's Jadar
Over the next decade, lithium uses in batteries and electric
vehicle markets is expected to grow at close double-digit rates, pushing demand
up to 200%.
Back in North America, the company has two other projects, the
ZigZag Lake Project in Ontario, which is a joint venture with Canadian
Orebodies, who has drilled widespread Tantalum mineralization, and the South Big
Smokey Valley in Nevada, which consists of 364 placer claims covering 7,280
acres. Previous sampling and drilling by the United States Geological Survey,
along with other gravity surveys, suggest the South Big Smokey Valley is
favourable for hosting mineral rich brines.
The shares currently trade at $0.035 and with 116 million
shares outstanding, prior to this financing, is capitalized at $4 million.
For more information about Ultra Lithium please visit their
website at www.ultralithium.com, or contact President & CEO Marc Morin at
604-669-5778 or by email email@example.com.
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Barry Morgan, CFO
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