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Ultra Lithium Inc Finalizes Joint Venture Terms With BGMI on Balkans Project in Serbia


Tuesday, 18 Jun 2013 09:15am EDT 

Ultra Lithium Inc announced that further to its earlier news release the Company has finalized terms with Beijing Guofang Mining Investment Co., Ltd. (BGMI) for the joint exploration and development of Ultra's Balkans project. Under the terms of the arrangement, a new Canadian company has been incorporated, Ultra Dragon Holdings Inc. (Ultra Dragon), which will hold the Balkans exploration licenses. BGMI may earn up to a 35% participating interest in Ultra Dragon by funding up to $3,500,000 of exploration expenditures (Earn-in funds) on the Balkans project. BGMI will earn a 5% participating interest for each tranche of $500,000 of the Earn-in funds to a maximum of 35% within a period of 3 years. Ultra Dragon has received the initial capital from BGMI of $500,000 for a 5% interest in Ultra Dragon. During the Earn-in period, all exploration expenditures will be funded by the Earn-in funds. After the Earn-in period, each of Ultra and BGMI will contribute for its proportionate share of exploration expenditures based on their 65% and 35% participating interests. 

Company Quote

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22 Dec 2014