Ultra Resources Inc. Engages Red Cloud as Capital Markets Advisor

VANCOUVER, British Columbia, June 04, 2021 (GLOBE NEWSWIRE) -- Ultra Resources Inc. (TSX-V: ULT) ("Ultra Resources" or the "Company") 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.

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.

ON BEHALF OF THE BOARD OF DIRECTORS

"Kiki Smith"
Kiki Smith, CFO

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

FOR FURTHER INFORMATION CONTACT:
For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: [email protected]
Website: www.ultraresourcesinc.com
or view the Company's filings at www.SEDAR.com.