Ultra Lithium Announces a Non-Brokered Private Placement of $0.05 Units - Video Summary on www.InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2013) - Ultra Lithium (TSXV: ULI) has announced a non-brokered private placement of up to $4.5 million.
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 capital.
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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 deposit.
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.
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Barry Morgan, CFO