VANCOUVER, British Columbia, July 04, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSXV:ULT, OTCQB:ULTXF) ("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 ...