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United Lithium Announces Closing of $7 Million Private Placement and Appoints Lithium Industry Expert Iain Scarr to Board of Directors
VANCOUVER, British Columbia, March 06, 2023 (GLOBE NEWSWIRE) -- United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”) has completed
About this update from United Lithium Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 06, 2023 (GLOBE NEWSWIRE) -- United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”) has completed its previously announced non-brokered private placement (the “Offering”), and has issued 50,000,000 units (each, a “Unit”) of the Company at a price of $0.14 per Unit for gross proceeds of C$7,000,000. Each Unit is comprised of one common share (“Share”) and one Share purchase warrant entitling the holder to acquire one additional Share at a price of C$0.25 until March 6, 2025. The Company intends to use the net proceeds raised from the Offering for exploration of the Company’s properties and for general working capital. All securities issued in the Offering are subject to restrictions on resale until July 7, 2023, in accordance with applicable securities laws. No finders’ fees or commissions were paid in connection with completion of the Offering. The Offering included participation by the Chief Executive Officer of the Company in the amount of $310,000. Such participation constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of securities to the officer of the Company is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company’s shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the officer does not exceed twenty-five percent of the Company’s market capitalization. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Board Appointment The Company also announces that Iain Scarr has joined the board ...