Ultra Lithium (TSXV:ULI) Closes First Tranche of Financing for $500,000 - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 12, 2012 - Ultra Lithium (TSXV:ULI) reports
that it has closed the first tranche of its previously announced private
placement with Beijing Guofang Mining Investment Company (BGMI).
InvestmentPitch.com has produced a "video news alert" based on this information.
If this link is not enabled, please visit www.InvestmentPitch.com and enter
"Ultra Lithium" in the search box.
This shows that with a good project it is still possible to raise financing, and
once again it is a Chinese company writing the cheques.
The company issued 10 million units at a price of $0.05 per unit, for gross
proceeds of $500,000. BGMI will be subscribing for a second 10 million units at
$0.05 for additional gross proceeds of $500,000. There is a full warrant, with
an exercise price of $0.10, and a 2 year term, attached to these units.
BGMI has also agreed to fund up to $3.5 million of approved exploration
expenditures on the company's Balkans Property in the Republic of Serbia, within
a 3 year period. BGMI will earn a 5% equity interest for each $500,000 of
approved expenditures incurred, giving them another 35% once the funds have been
spent.
Through its wholly-owned local subsidiary, Ultra Lithium has been granted 7
exploration licenses, covering an area of 643 square kilometres, in the Republic
of Serbia. The company is seeking to identify potential targets that could host
a new Lithium resource in the form of Jadarite, a combination of Lithium and
Boron.
Jadarite, officially recognized by the International Mineralogical Association
in 2006, can be processed with off the shelf technology.
These Serbian properties are in the same region as Rio Tinto's Jadar deposit.
In 2011, 23% of Lithium was consumed by the battery market. Over the next
decade, lithium uses in batteries and electric vehicle markets is expected to
grow at close to double-digit rates, pushing demand up to 200%.
Back in North America, the company has two other projects, the ZigZag Lake
Project in Ontario, which is a joint venture with Canadian Orebodies, who has
drilled widespread Tantalum mineralization, and the South Big Smokey Valley in
Nevada, which consists of 364 placer claims covering 7,280 acres. Previous
sampling and drilling by the United States Geological Survey, along with other
gravity surveys, suggest South Big Smokey Valley area is favourable for hosting
mineral rich brines.
The shares currently trade at $0.03 and with 95 million shares outstanding,
prior to this financing, is capitalized at $2.9 million.
For more information about Ultra Lithium please visit their website at
www.ultralithium.com,, or contact President & CEO Marc Morin at 604-669-9788 ext
201 or by email mmorin(at)ultralithium.com.
InvestmentPitch.com, a multimedia company that provides a combined solution for
creating, hosting, and distributing financial video content across multiple
platforms to investors and financial professionals, specializes in producing
three minute videos based on news releases and research reports.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1626481]
Unternehmensinformation / Kurzprofil:
Datum: 12.07.2012 - 23:38 Uhr
Sprache: Deutsch
News-ID 165010
Anzahl Zeichen: 4057
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 165 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Ultra Lithium (TSXV:ULI) Closes First Tranche of Financing for $500,000 - Video Summary Posted on www.InvestmentPitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
