Ms. Kiki Smith reports
ULTRA RESOURCES INC. CLOSES PRIVATE PLACEMENT
Ultra Resources Inc. has closed a non-brokered private placement of 9,438,250 units at 11 cents per unit for total gross proceeds of $1,038,208. Each unit is composed of one common share and one-half non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share of the company at an exercise price of 20 cents 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 25 cents for a period of 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 fewer than 10 business days from the date notice is given. The company shall pay finders' fees of $66,322 in cash and 602,928 finders' warrants for a portion this placement.
The proceeds from the private placement will be used to finance the exploration of the company's Argentine and Ontario properties and for general working capital purposes.
All securities issued under the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The private placement is subject to final approval by the TSX Venture Exchange.
Ultra Resources is an exploration and development company with a focus on the acquisition and development of gold, copper and lithium assets. The company holds a brine lithium property in Argentina, and hardrock spodumene-type lithium properties at the Georgia Lake/Forgan Lake area in Northwestern Ontario, Canada. The company also holds other gold and base metal properties in Argentina.
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