World News: 13:30 GMT Wednesday 15th May 2019. [Ultra Lithium Inc. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) -- (“” or the "") () is pleased to announce that it has completed the sale of 22,883,413 units at $0.06 per unit for total gross proceeds of $1,373,005. Each Unit is comprised of one common share and one-half non-transferable common share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.12 per share for a period of two years from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.20 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given. The Company paid finders fees 2,205,833 units for this placement.
The proceeds from the Private Placement will be used to fund the exploration of the Company’s Argentine 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, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.
Globe Newswire: 13:30 GMT Wednesday 15th May 2019
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