Ultra Lithium Inc. announced a non-brokered private placement of 18,181,819 units at a price of CAD 0.055 per unit for gross proceeds of CAD 1,000,000 on August 11, 2023. Each unit will be comprised of one common share and one half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at CAD 0.11 per warrant share in the first twelve months following issuance and at CAD 0.12 per warrant share in the second twelve months following issuance. The company will pay finder?s fees of CAD 30,000 in cash and issue 545,455 finder?s shares. The transaction is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The unit shares, warrant shares and finders shares will be subject to a hold period of four months and one day in accordance with applicable securities laws. The transaction included participation from five investors.

On August 25 2023, the company announced that the transaction has been accepted by the TSX Venture Exchange.