Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF) said it has closed a non-brokered private placement for gross proceeds of C$1 million.
The company said it issued 18,181,819 units, comprising one share and half of a share purchase warrant, at a price of C$0.055.
Each warrant allows the purchase of a new share at $0.11 in the first 12 months, and at $0.25 in the second 12 month period.
The net proceeds from the offering will be used for general working capital purposes, the company said.
--updated to reflect correction to press release on 11 Aug --