Ultra Lithium Announces Private Placement

Ultra Lithium Inc. (TSXV:ULI) announce that it intends to complete a non-brokered private placement of up to 5,000,000 units of the Company at a price of $0.10 per Unit for aggregate proceeds of up to CDN$500,000.
As quoted in the press release:

Each Unit will be comprised of one common share and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of $0.20 per share for a period of one year from closing of the private placement provided that if the closing price of the common shares of the Company on any stock exchange or quotation system on which the common shares are then listed or quoted is equal to or greater than Cdn $0.40 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than ten (10) business days from the date notice is given.
The proceeds from the Private Placement will be used to fund the exploration of the Company’s South Big Smoky Valley property and for general working capital purposes.