VANCOUVER, British Columbia, June20, 2022 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V: ULT) (“Ultra Lithium”or “the Company”) announces that the Company has entered into a definitiveagreement with Zangge Mining Investment (Chengdu) Co. Ltd. (“Zangge”), forexploration and development of its 100% owned Laguna Verde Brine LithiumProject in Catamarca Province, Argentina. Under the terms of theagreement, Zangge will, in staged payments, pay US$10 million to Ultra Lithiumand invest US$40 million in the Laguna Verde Project as work expenditures for a65% stake in Ultra Argentina S.R.L. (Ultra Argentina) which is a subsidiary ofUltra Lithium and holds the Laguna Verde Property. The investment is subject toregulatory approvals and due diligence. The Company will provide furtherdetails with respect to agreement terms in a subsequent news release.
US$50m for 65% means US$77m for100%, now sold to PNN for 50m x A$0.4=A$20m=US$13.4, just 13.4/77=17.4% greatdeal for PNN
Ann: Power Expands Argentinian Lithium Asset Portfolio, page-89
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