Ultra Lithium Inc. Responds to Power Minerals Limited’s Cash Notice for Loan Repayment
Vancouver, British Columbia – In a significant development, Ultra Lithium Inc. (“Ultra Lithium” or the “Company”) has officially announced its receipt of a cash notice from Power Minerals Limited (“Power Minerals”). This notice calls for the company to settle the full outstanding loan balance, stemming from a previously agreed convertible loan agreement (CLA).
The CLA, initiated on May 12, 2023, saw Power Minerals extending an interest-bearing loan of AUD $1.13 million to Ultra Lithium. In an effort to meet its obligations proactively, Ultra Lithium had previously remitted AUD $150,000 towards this loan on October 25, 2023. The recent cash notice, dated July 1, 2024, stipulates the repayment of the remaining total of AUD $1,098,246. The Company is required to fulfill this obligation within a 10-business day window from the notice’s receipt.
In compliance with the terms outlined in the CLA, Ultra Lithium has expressed its commitment to repay the specified amount in the stipulated period fully. However, the announcement also carried a note of caution. Should Ultra Lithium face challenges in adhering to this timeframe, Power Minerals has indicated its readiness to issue a default notice pursuant to the CLA terms. Furthermore, Power Minerals may exercise its rights under the security arrangements provided by Ultra Lithium, including a general security agreement and a share pledge agreement, as collateral for the loan’s outstanding amounts.
About Ultra Lithium Inc.
Ultra Lithium Inc. dedicates itself to the exploration and development of precious resources, with a strategic focus on lithium, gold, and copper assets. Its portfolio boasts of a brine lithium property in Argentina, along with hard rock spodumene-type lithium properties in the Georgia Lake / Forgan Lake area of northwestern Ontario, Canada. Additionally, the company manages a brine lithium property in Big Smoky Valley, Nevada, USA, and owns gold and base metals properties in Argentina.
Caution with Forward-Looking Statements
This news release contains specific forward-looking statements and information which are not based on historical facts but instead on the management’s expectations regarding the Company’s future growth, results of operations, performance, business prospects, and opportunities. Words such as “plans,” “expects,” “intends,” and similar expressions reflect forward-looking statements. However, they are subject to numerous risks and uncertainties that could cause actual outcomes to differ materially from those suggested by such statements.
These forward-looking statements are made as of the date of this release, and, except as expressly required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise. The readers are cautioned not to place undue reliance on forward-looking statements, as actual results may vary.
It’s important to acknowledge that the TSX Venture Exchange and its Regulatory Services Provider have neither approved nor disapproved the contents of this news release, nor do they accept responsibility for its adequacy or accuracy. This announcement serves as a testament to Ultra Lithium’s ongoing commitment to meeting its financial obligations and advancing its project portfolio in the lithium sector.
