As mentioned in the quarterly report it says as part of the transaction, Power also provided funds under a convertible loan agreement to Ultra
to provide working capital to facilitate the transaction (ASX announcement, 16 May 2023).
Were these funds issued to Ultra lithium or have they been paid back?
Secured Convertible Loan
In addition, Power will provide a secured convertible loan for working capital, secured by Ultra Lithium’s
Argintinian lithium-brine projects for A$1.13m to facilitate the transaction. The utilised amount of this
loan may be deducted from the number of shares to be issued at a presumed value of $0.35 per share
within Power’s Listing Rule 7.1 capacity.
In the event that the transaction does not proceed, this loan will be fully repayable to Power in its
entirety.
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