Power Minerals (ASX:PNN) has named Hall Chadwick Western Australia as a key adviser as it begins the process of appointing a receiver to Ultra Lithium to recover outstanding amounts under a convertible loan agreement between the two companies in May 2023, according to a Thursday filing with the Australian Securities Exchange.
Hall Chadwick will assist in appointing a receiver to Ultra Lithium, who may exercise the company's CLA rights to enforce the securities' interests through asset sale or debt conversion into Ultra Lithium shares, the filing said.
The company is open to settling outstanding amounts under the CLA before the receivership process begins, according to the filing.
Power Minerals shares fell more than 3% in morning trade.
Price (AUD): $0.09, Change: $-0.0040, Percent Change: -4.40%
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