Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF) told investors it has closed a non-brokered private placement of 3,636,364 units at C$0.055 each for gross proceeds of C$200,000.
The company said each unit is comprised of one common share and half of one common share purchase warrant, with each whole warrant entitling the holder to buy another share for $0.11 in the first 12 months from the issuance and $0.25 in the second 12 months from issuance.
No finders fees are associated with the private placement, with the net proceeds to be used for general working capital purposes, it added.