VANCOUVER, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V: ULT OTCQB: ULTXF) ("Ultra Lithium" or the "Company") is pleased to announce that it has closed its non-brokered private placement issuing 2,156,278 Units at a price of C$0.15 per Unit (at premium of 50% over current market) for gross proceeds of C$323,442.

Each Unit will be 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") for a period of 24 months. Each Warrant will be exercisable for $0.25 for the first 12 months following the closing date of the Private Placement and at $0.35 thereafter. The net proceeds from the sale of Units will be used for general working capital purposes.

In connection with the Private Placement the Company will pay Finder's fees of C$8,849 cash and 58,995 finder's warrants comprised of C$3,424 cash and 22,828 finder's warrants to Red Cloud Securities Inc., C$2,625 cash and 17,500 finder's warrants to Cormel Capital Sarl and C$2,800 cash and 18,667 finder's warrants to Jemini1 Finance Inc. Each finder's warrant will be exercisable for a period of 24 months, at $0.25 for the first 12 months following the closing date of the private placement and at $0.35 thereafter. The closing of the Private Placement 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 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.comWebsite: 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.