VANCOUVER, British Columbia, Dec. 15, 2021 (GLOBE NEWSWIRE) — United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Sunstone Metals Limited (“Sunstone”), Scandian Metal Pty Ltd., Scandian Metals AB and Litiumlöydös Oy (“Litiumlöydös”) to acquire (the “Acquisition”) 83.6% of the issued and outstanding share capital of Litiumlöydös, a Finland company which holds a 100% interest in and to the mining licenses comprising the Kietyönmäki Lithium project (the “Project”) located in the Kietyönmäki lithium prospect.
The Consideration for the Acquisition is comprised of an aggregate of $420,000 in cash and 697,442 common shares in the capital of ULTH (the “ULTH Shares”).
The ULTH Shares will be issued at a deemed price of $0.6022 per share and subject to an escrow restriction whereby 70% of such ULTH Shares shall be released four (4) months following the closing date of the Acquisition (the “Closing Date”), and the remaining 30% ULTH Shares shall be released eight (8) months following the Closing Date.
Closing of the Acquisition is subject to customary conditions, including receipt of all necessary regulatory and other approvals. The Agreement replaces and supersedes in its entirety the letter of intent previously announced on May 4, 2021.
The Project, located in the Kietyönmäki lithium prospect, was discovered by the Finnish Geological Survey (“GTK”) in the mid-1980’s.
On Behalf of The Board of Directors
Chief Executive Officer
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Acquisition, and the Company’s business and plans, including with respect to undertaking further acquisitions, completing the Acquisition of 83.6% of Litiumlöydös, and carrying out exploration activities in respect of its mineral projects. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Acquisition does not complete as contemplated, or at all; that the Company does not complete any further acquisitions; that the Company does not carry out exploration activities in respect of its mineral projects as planned (or at all); and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
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