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Ultra Lithium (TSXV:ULI,FWB:QFB) has executed a Framework Agreement with Beijing Explo-Tech Engineering Co. Ltd. (BETEC) to explore and develop its Balkans Project in the Republic of Serbia. In addition, a financing in the amount of C$1 million by Beijing Guofang Mining Investment Co. Ltd. (BGMI) has been completed.
Ultra Lithium (TSXV:ULI,FWB:QFB) has executed a Framework Agreement with Beijing Explo-Tech Engineering Co. Ltd. (BETEC) to explore and develop its Balkans Project in the Republic of Serbia. In addition, a financing in the amount of C$1 million by Beijing Guofang Mining Investment Co. Ltd. (BGMI) has been completed.
As quoted in the press release:
Highlights from the agreement include:
- BGMI and associates will invest C$1,000,000 through the purchase of units of securities of Ultra at $0.05 per unit. Each unit will consist of one (1) common share of Ultra and one common share purchase warrant, with each warrant entitling BETEC to acquire one (1) additional common share of Ultra at $0.10 per share for a period of two (2) years.
- BETEC undertakes and commits to fund up to CAD$3,500,000 of approved expenditures. Such expenditures will be incurred within a period of three (3) years.
- BETEC will earn a five (5%) per cent equity interest in Ultra Balkans d.o.o., Ultra’s wholly-owned Serbian subsidiary, for each CAD$500,000 of approved expenditures incurred and up to a 35% equity interest once the entire CAD$3,500,000 of qualified expenditures has been incurred.
Ultra Lithium CEO Marc Morin said:
“This $4.5 million investment strengthens our balance sheet and allows us to start our exploration program which will include soil sampling, geophysics and a drilling program to advance the Balkans Project. We are very excited to be working with our new partners.”
Click here to read the Ultra Lithium (TSXV:ULI,FWB:QFB) press release
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