Ultra Lithium Provides Bi-Weekly Default Status Report

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Ultra Lithium Inc.
Ultra Lithium Inc.

VANCOUVER, British Columbia, May 03, 2024 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSXV: ULT OTCQB: ULTXF Frankfurt: QFB) (“Ultra Lithium” or the “Company”) is providing this bi-weekly default status report in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). On March 4, 2024, the Company announced that effective February 29, 2024 it has been granted a voluntary management cease trade order in accordance with NP 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, and the related CEO and CFO certifications (collectively, the “Annual Filings”) 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. As a result, the Company requires additional time to file the Annual Filings.

The Company has obtained a loan financing and has commenced the annual audit. The Company experienced some delays obtaining documents from Argentina that its auditors require to complete the audit. The Company applied for and received an extension of the MCTO to May 13, 2024. The relevant documents have now been provided to the auditors. The Company expects to file its Annual Filings as soon as they are available, but in any event no later than May 13, 2024, and will issue a news release once they have been filed.

Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO. The Company reports that it is working diligently with its auditors to complete the audit in a timely manner and since its news release of March 4, 2024, there have been no material changes regarding the information contained in that news release. The Company confirms there have been no failures by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203, and there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the Company’s news release of March 4, 2024. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.