Ultra Lithium Inc. (TSX-V:ULI, OTCQB:ULTXF) has announced new financing to help advance its portfolio of mineral assets in Argentina, Canada and the US.
The firm is raising money through a non-brokered private placement of up to four million units at a price of $0.15 each for gross proceeds of $600,000.
Each unit will comprise of one share of the company and one half of one warrant, entitling the holder to purchase one share of the company for a period of 24 months.
READ: Ultra Lithium kicks off exploration activities at the Forgan Lake lithium property in Ontario
Each warrant will be exercisable for $0.25 for the first 12 months following the closing date of the offering and at $0.35 thereafter.
Net proceeds will be used for general working capital purposes, Ultra Lithium said in a statement.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets.
The company holds a brine lithium property in Argentina, and hard rock spodumene type lithium properties at the Georgia Lake/Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, US. It also holds other gold and base metals properties in Argentina.
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