Ultra Resources Inc. announces that it has appointed Red Cloud Financial Services Inc. (“Red Cloud”) to provide the Company with a range of capital markets advisory services. Red Cloud is a Toronto-based financial services company that provides assistance to mineral exploration and mining companies in accessing capital markets and enhancing their corporate profile.
Under the engagement, Red Cloud will be paid a fee of $10,000 per month. More specifically, Red Cloud will provide services such as organizing and administering “roadshows”, drafting traditional marketing materials, managing the Company’s social media and providing traditional media support and assistance in the creating of video content for exclusive use on “Red Cloud TV” and other services as required by the Company. In certain circumstances, additional services may be provided to the Company by Red Cloud and additional contingent consideration for such services may be applicable. The Company has also engaged Red Cloud to provide market making services for a fee of $5,500 per month. The engagement of Red Cloud is subject to TSX Venture Exchange approval.
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The Company has, subject to regulatory approval, granted Red Cloud stock options to purchase 810,000 common shares of the Company at an exercise price of $0.19 per share for a period of three years.
