Ultima United Limited (ASX:UUL) announced a private placement of 33,650,338 ordinary shares at a price of AUD 0.60 per share for gross proceeds of AUD 20,190,203 on December 30, 2020. The transaction is subject to approval in an extraordinary general meeting to be held in the first quarter of the 2021. The transaction is expected to close on April 30, 2021.