Settlement Between Ultra Lithium and Power Minerals Finalized
Understanding the Settlement Agreement
Ultra Lithium Inc. has made headlines with its recent settlement agreement with Power Minerals Limited regarding their convertible loan agreement. This agreement comes after months of negotiations and aims to outline specific terms beneficial to both companies.
Key Terms of the Agreement
The settlement agreement involves several crucial concessions by Ultra Lithium. The company has committed to:
Payment Obligations
Firstly, Ultra Lithium will pay AUD $50,000 to Power Minerals, a payment that is already settled and was due by December 5, 2024. Additionally, they agree to pay $250,000 AUD within 60 days of signing the agreement. This financial commitment showcases Ultra Lithium's dedication to fulfilling its obligations swiftly.
Transfer of Mineral Claims
Moreover, Ultra Lithium will transfer their Canadian Mineral Claims, specifically the Forgan Lake and Georgia Lake claims, to Power Minerals. The completion of this transfer relies on Power Minerals providing the necessary regulatory documents to facilitate the process.
The Background of the Convertible Loan Agreement
The convertible loan agreement was established earlier in the year when Power Minerals advanced a total loan of AUD $1.13 million to Ultra Lithium. This loan followed a pre-payment of AUD $150,000 made by Ultra Lithium on October 25, 2023, illustrating the ongoing financial dynamics between the two companies.
Next Steps for Ultra Lithium
Weiguo Lang, the CEO of Ultra Lithium, expressed optimism regarding the settlement, indicating a readiness to focus on upcoming projects, particularly the flagship Laguna Verde project located in Argentina. This shift in focus marks a pivotal moment for Ultra Lithium as it looks to enhance its operational strategies and growth potential.
About Ultra Lithium Inc.
Ultra Lithium Inc. is focused on the exploration and development of valuable lithium, gold, and copper assets. The company holds several strategically important properties, including a brine lithium property in Argentina and hard rock spodumene type lithium properties in Canada. Superbly positioned, Ultra Lithium is also engaged in exploring gold and base metals properties in Argentina as well.
Contact Information
If you have any inquiries, Kiki Smith, the CFO, is available for contact via phone at +1-778-968-1176 or through email at kiki@ultralithium.com. For more information, you can also visit their website at www.ultralithium.com.
Frequently Asked Questions
What does the settlement agreement entail?
The settlement includes payments and the transfer of mineral claims from Ultra Lithium to Power Minerals.
When is Ultra Lithium required to make payments?
The initial payment of AUD $50,000 has been made, while another AUD $250,000 is due within 60 days of signing the agreement.
What are the implications of this agreement?
This agreement enables Ultra Lithium to refocus its efforts on major projects, such as the Laguna Verde lithium project.
What properties does Ultra Lithium hold?
The company holds lithium properties in Argentina, Canada, and also explores other gold and base metals in Argentina.
Who can be contacted for more information?
Kiki Smith, the CFO of Ultra Lithium, is available for further inquiries via email or phone.
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