ULI Ultra Lithium Inc

Ultra Lithium Receives Cash Notice From Power Minerals Limited

Ultra Lithium Receives Cash Notice From Power Minerals Limited

VANCOUVER, British Columbia, July 04, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. () (“Ultra Lithium” or the “Company”) today announced it has received a cash notice (“Cash Notice”) from Power Minerals Limited (“Power Minerals”) for the full repayment of amounts outstanding under a convertible loan agreement (“CLA”) between the two companies.

The Company and Power Minerals entered into the CLA on May 12, 2023. Under the CLA, Power Minerals advanced an interest-bearing loan of AUD $1.13 million to the Company. On October 25, 2023 the Company pre-paid the sum of AUD $150,000 to Power Minerals.

The July 1, 2024 Cash Notice demands repayment by the Company of the full outstanding balance under the CLA in the amount of AUD $1,098,246 within 10 business days of receipt of the Cash Notice.

The Company intends to pay the amount specified in the Cash Notice in full within the time and in the manner specified in the CLA. 

If the Company is unable to make the payment in a timely manner, Power Minerals has stated it intends to issue a default notice under the terms of the CLA, and to enforce its rights under security granted by the Company to Power Minerals. The Company entered into a general security agreement and a share pledge agreement with Power Minerals as security for amounts outstanding under the CLA.

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.

On behalf of the Board of Directors

Kiki Smith, CFO

For further information, please contact:

Kiki Smith, CFO

T:

E:

W:

Or view the Company’s filings at

Follow us on X-Twitter and .

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.



EN
04/07/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Ultra Lithium Inc

 PRESS RELEASE

Ultra Lithium and Power Minerals Agree on Settlement Terms

Ultra Lithium and Power Minerals Agree on Settlement Terms VANCOUVER, British Columbia, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. () (“Ultra Lithium” or the “Company”) today announces it has reached a settlement agreement with Power Minerals Limited (“Power Minerals”) with respect to the convertible loan agreement (CLA) between the two companies. Under the terms of the settlement agreement Ultra Lithium will: Pay $50,000 AUD on or before December 5, 2024 to Power Minerals (Paid)Transfer to Power Minerals all of Ultra Lithium’s Canadian Mineral Claims - the Forgan Lake and Geo...

 PRESS RELEASE

Ultra Lithium Receives Section 244 Notice From Power Minerals Limited

Ultra Lithium Receives Section 244 Notice From Power Minerals Limited VANCOUVER, British Columbia, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. () (“Ultra Lithium” or the “Company”) today announces it has received a section 244(1) notice under the Bankruptcy and Insolvency Act (Canada) (“s.244 Notice”) from Power Minerals Limited (“Power Minerals”). Power Minerals intends to make a court application to appoint a receiver over Ultra Lithium’s assets to enforce Power Mineral’s security under a convertible loan agreement (“CLA”) between the two companies. Ultra Lithium may file a Not...

 PRESS RELEASE

Ultra Lithium Receives Default Notice From Power Minerals Limited

Ultra Lithium Receives Default Notice From Power Minerals Limited VANCOUVER, British Columbia, July 17, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. () (“Ultra Lithium” or the “Company”) today announced it has received a default notice (“Default Notice”) from Power Minerals Limited (“Power Minerals”) for the full repayment of amounts outstanding under a convertible loan agreement (“CLA”) between the two companies. The Company and Power Minerals entered into the CLA on May 12, 2023. Under the CLA, Power Minerals advanced an interest-bearing loan of AUD $1.13 million to the Company. On Octo...

 PRESS RELEASE

Ultra Lithium Receives Cash Notice From Power Minerals Limited

Ultra Lithium Receives Cash Notice From Power Minerals Limited VANCOUVER, British Columbia, July 04, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. () (“Ultra Lithium” or the “Company”) today announced it has received a cash notice (“Cash Notice”) from Power Minerals Limited (“Power Minerals”) for the full repayment of amounts outstanding under a convertible loan agreement (“CLA”) between the two companies. The Company and Power Minerals entered into the CLA on May 12, 2023. Under the CLA, Power Minerals advanced an interest-bearing loan of AUD $1.13 million to the Company. On October 25, 2...

 PRESS RELEASE

Ultra Lithium Provides Bi-Weekly Default Status Report

Ultra Lithium Provides Bi-Weekly Default Status Report VANCOUVER, British Columbia, May 03, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSXV: ULT OTCQB: ULTXF Frankfurt: QFB) (“Ultra Lithium” or the “Company”) is providing this bi-weekly default status report in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). On March 4, 2024, the Company announced that effective February 29, 2024 it has been granted a voluntary management cease trade order in accordance with NP 12-203 due to it not being able to file its annual financial statements and management’s di...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch