- United Lithium acquired 83.6 per cent of the Kietyönmäki lithium project in Finland
- Acquisition was completed with Sunstone Metals, Scandian Metal, Scandian Metals AB and Litiumlöydös Oy
- United Lithium paid $420,000 in cash and issued 871,803 common shares at a price of approximately 48 cents per share
- The Kietyönmäki lithium project was discovered in the 1980s by the Finnish Geological Survey and was further explored by Sunstone Metals in 2016
- United Lithium (CSE:ULTH) is up by 3.92 per cent and trading at 53 cents CAD per share at 1:56 PM EST
United Lithium (ULTH) has acquired an 83.6 per cent stake in the Kietyönmäki lithium project in Finland.
The acquisition was completed with Sunstone Metals, Scandian Metal, Scandian Metals AB, and Litiumlöydös Oy involving a purchase of 83.6 per cent of the issued and outstanding share capital of Litiumlöydös as it holds 100 per cent interest in the lithium project.
United Lithium has paid $420,000 in cash and issued 871,803 common shares at a price of approximately 48 cents per share. 70 per cent of the shares will be released on June 11, 2022, while the remaining 30 per cent of shares will be released subsequently on October 11, 2022.
The Kietyönmäki lithium project was discovered in the 1980s and historical results include 42 metres grading 1.10% Li2O in drill hole KMDD001 from 17.88 metres; 6 metres grading 0.90% Li2O in drill hole KMDD002 from 115.14 metres; and 9 metres grading 0.80% Li2O in drill hole KMDD006 from 167.00 metres.
The project was discovered by the Finnish Geological Survey and in 2016 Sunstone metals continued sampling.
United Lithium is an exploration and development company targeting lithium projects in politically safe jurisdictions because of the infrastructure and its cost-effective exploration, development and production opportunities.
United Lithium (CSE:ULTH) is up by 3.92 per cent and trading at 53 cents CAD per share at 1:56 PM EST.
