Ultra Lithium Announces $1 Million Financing; Terminates JV with BZMI

Ultra Lithium Inc. (TSXV:ULI,FWB:QFB) announced a non-brokered private placement of shares with Beijing Zairun Mining Investment Co., Ltd at a price of $0.05 per share for gross proceeds of $1,000,000. Ultra Lithium also announced that the joint venture with BZMI on the Balkans project has been terminated.

As quoted in the press release:

The Company also announces that the joint venture agreement with BZMI related to the Balkans project as announced in the Company’s news release dated June 18, 2013, has been terminated. Ultra Lithium through its wholly owned subsidiary, Ultra Balkans D.O.O. Beograd, retains 100% of the Balkans project.

At the Company’s annual and special meeting held on August 7, 2014, Mr. Jiancheng Peng was elected as a new member of the Board of Directors. Mr. Peng brings over 30 years of experience in engineering and finance. He is the Chairman and founder of Chengdu Tonghui Investment Management Corp., an investment firm in China. Mr. Peng obtained his Bachelor’s Degree in Engineering from Southwest Jiaotong University in 1982.

Click here to read the Ultra Lithium Inc. (TSXV:ULI) press release