Ultra Lithium (ULI.V) has closed the first tranche of its $4.5 million non-brokered private placement previously announced on January 21, 2013. Ultra Lithium raised $2.5 million through the issuance of 50,000,000 units at a price of $0.05 per unit.
The proceeds from the private placement will be used primarily to fund the exploration and development of the company's Balkans Project in the Republic of Serbia and for general working capital purposes.
ULI shares were down half-a-cent to $0.045.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
