Ultra Lithium Inc. Closes Private Placement, The Canadian Business Journal

VANCOUVER, British Columbia, October 7, 2022 (GLOBE NEWSWIRE) — Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) (“Ultra Lithium” or “Company”) announces that it has closed its non-profit organization. We are pleased to announce the – Brokered a private placement totaling CAD 323,442, issuing 2,156,278 units at CAD 0.15 per unit (a 50% premium to the current market).

Each Unit consists of one share of the Company’s common stock (each a “Unit Share”) and one half of a Common Stock Purchase Warrant (each Warrant as a whole, a “Warrant”). Each Stock Acquisition Rights gives its holder the right to purchase one share of our common stock (each, a “Stock Acquisition Right”) for a period of 24 months. Each warrant is exercisable by him at $0.25 for his first 12 months from the closing date of the private placement and at $0.35 by him thereafter. The net proceeds from the sale of the units will be used for general working capital purposes.

In connection with the private placement, the Company paid Finder’s fees of CAD $8,849 in cash and a finder’s bond of 58,995 CAD to Red Cloud Securities Inc. CAD 3,424 in cash and a finder’s bond of 22,828 to Cormel Capital Sarl and 2,625 CAD in cash. $ and $17,500 finder’s guarantee, and $2,800 CAD. Offer cash and 18,667 finder’s warrants to Jemini1 Finance Inc. Each finder’s warrant is exercisable for 24 months. $0.25 for the first 12 months from the closing date of the private placement and $0.35 thereafter. Closing of the private placement is subject to receipt of all necessary regulatory approvals, including the TSX Venture Exchange. Unit Shares, Warrant Shares, and shares of our common stock issuable from Discoverer Warrants are subject to a hold period of four months and one day in accordance with applicable securities laws.

About Ultralithium
Ultra Lithium Inc. is an exploration and development company focused on acquiring and developing lithium, gold and copper assets. The Company has brine lithium assets in Argentina, hard rock spodumene-type lithium assets in the Lake Georgia/Lake Fogan region of northwestern Ontario, Canada, and brine lithium assets in the Big Smoky Valley, Nevada, United States. The Company also holds other gold and base metal assets in Argentina.

For more information, please contact the following companies:
Note: Kiki Smith
Phone: 778 968-1176
Email: [email protected]
Website: www.ultralithium.com
Or see our filings at www.SEDAR.com.

Cautionary Statement Regarding “Forward-Looking” Information
Certain statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information may contain words such as “plans,” “expects,” “intends,” “anticipates,” “may,” “implies,” or variations of such words or phrases, or It can be identified by the use of statements. A particular action, event, or outcome “could,” “could,” “should,” “could,” “could,” or “could.” “That means. Forward-looking statements and information are not historical facts and are subject to numerous risks and uncertainties beyond our control. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, except as required by law.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

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