PepinNini Minerals Limited (AU:PNN) has released an update.
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Power Minerals Limited is initiating the process to appoint a receiver for Ultra Lithium Inc. to recover an unpaid debt of AUD $1.13 million under a convertible loan agreement. Despite partial repayment and issuing a default notice, the outstanding balance remains unpaid, which may lead to Power Minerals enforcing their rights to Ultra Lithium’s assets or converting the debt into shares. The company is open to a settlement before the receivership process begins, while continuing to protect its financial interests.
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