VANCOUVER, British Columbia, March 04, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSXV: ULT OTCQB: ULTXF Frankfurt: QFB) (“Ultra Lithium” or the “Company”) announces that effective February 29, 2024 it has been granted a voluntary management cease trade order in accordance with National Policy 12-203 due to it not being able to file its annual financial statements and management’s discussion and analysis (“MD&A”) for the year ended October 31, 2023 on SEDAR within 120 days of its financial year-end. The management cease trade order has been granted by the Company’s principal regulator, the British Columbia Securities Commission.
The Company was not able to complete the year-end audit within the time periods required by National Instrument 51-102 due to the delay in commencing the audit owning to insufficient funds. The Company expects to obtain a loan financing in one week and commence the audit by mid-March. As a result, the Company requires additional time to file its annual financial statements and MD&A for the financial year ended October 31, 2023.
The Company expects to file its annual financial statements and MD&A for the year ended October 31, 2023 as soon as they are available, but in any event no later than April 29, 2024, and will issue a news release once they have been filed. The Company intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203, by issuing bi-weekly default status reports, in the form of news releases, until the revocation of the management cease trade order. The Company is not subject to any insolvency proceedings. The management cease trade order will prohibit the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the annual financial statements and MD&A are not filed. The issuance of the management cease trade order does not affect the ability of persons other than the chief executive officer and the chief financial officer of the Company to trade in the Company's securities.
About Ultra Lithium Inc.
Ultra Lithium Inc. is an exploration and development company with a focus on the acquisition and development of lithium, gold, and copper assets. The Company holds a brine lithium property in Argentina, hard rock spodumene type lithium properties at the Georgia Lake / Forgan Lake area in northwestern Ontario, Canada, and a brine lithium property in the Big Smoky Valley, Nevada, USA. The Company also holds other gold and base metals properties in Argentina.
ON BEHALF OF THE BOARD OF DIRECTORS
“Kiki Smith”
Kiki Smith, CFO, Director
For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Email: kiki@ultralithium.com
Website: www.ultralithium.com
or view the Company’s filings at www.SEDARPLUS.ca.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ and may differ materially from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
