United Lithium Corp. (CSE: ULTH) OTC:ULTHF) has entered into a definitive agreement with Sunstone Metals Limited, Scandian Metal Pty Ltd., Scandian Metals AB and Litiumlöydös Oy to acquire 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 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 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 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.
For further information please visit: https://unitedlithium.com/
