VANCOUVER, British Columbia, May 24, 2022 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) ("Ultra Lithium" or the "Company") is pleased to announce that it has closed the final tranche of its previously announced non-brokered Private Placement issuing an additional 24,610,000 Units at a price of C$0.18 per Unit for gross proceeds of C$4,429,800 (see February 14, 2022 and May 4, 2022 news releases). The financing included Zangge's strategic investment of $4,140,000. The Company has issued an aggregate of 27,777,778 units for gross proceeds of C$5 million.

Each Unit is comprised of one common share of the Company (each, a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.25 for a period of 12 months following the closing date of the Offering. The net proceeds from the sale of Units will be used to fund the exploration of the Company's properties in Argentina, Ontario and Nevada and for general working capital purposes.

Post-closing Zangge Mining Co., Ltd. ("Zangge"), owns 23,000,000 common shares or approximately 14.17% of the total common shares issued and outstanding becoming a new insider of the Company.

In connection with the Private Placement finder's fees of C$8,946 cash and 49,700 non-transferable finder's warrants were issued to PI Financial, $9,450 cash and 52,500 non-transferable finder's warrants were issued to Canaccord Genuity and 1,610,000 finder's shares and 1,610,000 non-transferable finder's warrants were issued to Rui Zhang. Each finder's warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.25 for a period of twelve (12) months from the date of issuance. The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The Unit Shares, Warrant Shares and any common shares of the Company that are issuable from any finder's warrants will be subject to a hold period of four months and one day in accordance with applicable securities laws.

About Zangge Mining Co., Ltd.

Zangge Mining Co., Ltd. ("Zangge"), a lithium and potassium producer listed on the Shenzhen Stock Exchange with a market capitalization of about $8 billion USD, is headquartered in Golmud of Qinghai Province of China. Currently, Zangge has the mining rights of 724 km² in Qarhan Brine Lake. It has been developing and utilizing the brine lake for 20 years and has become the biggest private potash producer in China with an annual production output of two million tons of potassium chloride.

Zangge entered the lithium industry in 2017, using its proprietary, advanced and proven adsorption technology to extract lithium from brine. In 2020, Zangge completed construction of its lithium processing facility in Golmud, Qinghai, China and is producing 10,000 tons of lithium carbonate annually. The current Zangge's production line has been in continuous operating for 3 years without the need to change and/or add reagents at all and with almost zero pollutants leakage to the atmosphere and ground. The Company is one of only three companies in the world with industrialized adsorption lithium extraction technology.

Since as early as 2007, the core technical team of Zangge has been engaged in technology research and development and industrialized construction for brine lithium extraction and has positioned itself as an adsorption lithium extraction technology leader in the global lithium industry.

For more information about Zangge Mining, please refer to

About Ultra Lithium Inc.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.

For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: kiki@ultralithium.com
Website:
or view the Company's filings at .

Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.