The Conversation (0)
Ultra Lithium(TSXV:ULI) announced that it will form a strategic alliance with Bejing Explo-Tech Enigneering Co.Ltd. The Company entered into a non-binding letter of intent witH Bejing Explo. The strategic alliance will hopefully advance exploration at the Ultra Lithium’s Serbian exploration licenses.
Highlights of the Letter of Intent:
BETEC will invest CAD$750,000 through the purchase of units of securities of Ultra at $0.10 per unit. Each unit will consist of one (1) common share of Ultra and one-half of one (1/2) common share purchase warrant, with each whole warrant entitling BETEC to acquire one (1) additional common share of Ultra at $0.15 per share for 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, stated:
We believe this $4.25 million investment highlights the unrecognized value of the Company’s lithium/boron assets and accomplishes several objectives for the benefit of Ultra and its stakeholders. We look forward to working with BETEC.
Click here to read the Ultra Lithium (TSXV:ULI) press release
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