Power Minerals Limited (ASX:PNN) entered into Letter of Intent to acquire Ultra Argentina and Ultra Minerals from Ultra Lithium Inc. (TSXV:ULT) on May 16, 2023. A first tranche of 25 million shares are to be issued once relevant regulatory and shareholder approvals are received by both Power and Ultra Lithium.Upon completion of the due diligence and finalisation of the Acquisition Agreement, Power and Ultra Lithium will undertake general meetings with respective shareholders to seek final approval of the Acquisition Agreement. Ultra Lithium will also seek approval from TSX-V for a convertible note that will be provided by Power to Ultra Lithium.

Power Minerals Limited (ASX:PNN) completed the acquisition of Ultra Argentina and Ultra Minerals from Ultra Lithium Inc. (TSXV:ULT) on December 29, 2023.