Hoping to see some kind of positive outcome from this fiasco...

Hoping to see some kind of positive outcome from this fiasco

Correct me if I'm wrong on any of the following....

It seems like Ultra didn't outright own the Laguna Verde project when we entered into discussions with them?

- https://ultralithium.com/ultra-lithium-completes-laguna-verde-option-payments/

Interesting that in this news release they stated they had not completed payments on "La Maru, Blanca Elena and Griselda", i wonder if this is what caused problems for PNN during the due diligence period?

Ultra has acknowledged the cash notice, (https://ultralithium.com/ultra-lithium-receives-cash-notice-from-power-minerals-limited/) and stated

"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."

Well that didn't happen did it.... more from the above link

"The Company entered into a general security agreement and a share pledge agreement with Power Minerals as security for amounts outstanding under the CLA."

What the hell is a share pledge agreement?
"A pledge of shares agreement or Pledge And Security Agreement is an agreement between a lender and a borrower where the borrower agrees to contribute their membership interest in the borrowing entity, such as an LLC to the lender in the event of default. This allows the lender to take control of the entity in order to liquidate the property and recoup the principal loan balance in a timely manner."

Could this mean then that we will take control over Ultra and its assets/interests??? or is it as simple as selling off some assets/ interests to recoup the original loan amount owing?

So many questions hahaha, does anyone else have further insight or understanding?

If we do somehow end up coming into control of Ultra WOW, but I'm certainly not getting my hopes up, expecting more pain if anything lol

good luck folks