Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF) said it has closed the second tranche of its previously announced private placement, raising gross proceeds of C$570,200.
The company said the net proceeds will be used to fund the exploration of the company's properties in Argentina, Ontario and Nevada as well as for general working capital purposes.
The company sold 3,167,778 units at a price of C$0.18 each, with each unit comprising one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at a price of C$0.25 for a period of 12 months following the closing date of the offering.
READ: Ultra Lithium enters joint venture with Yahua and announces private placement
The closing of the offering is subject to receipt of all necessary regulatory approvals including from the TSX Venture Exchange (TSXV).
The final tranche for proceeds of C$4,429,800 including Zangge's strategic investment of $4,140,000, will close upon completion of the TSXV's review and receipt of final TSXV acceptance.
Zangge Mining Co. Ltd is a lithium and potassium producer listed on the Shenzhen Stock Exchange with a market capitalization of about $8 billion.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets.
Contact the author at jon.hopkins@proactiveinvestors.com