United Lithium announces $1.2 million private placement offering

United Lithium Corp. (CSE: ULTH; OTCQB: ULTHF; FWB: 0UL) announced a non-brokered private placement offering of up to 8 million units at $0.15 per unit for gross proceeds of up to $1.2 million.

Each unit consists of one common share and one-half common share purchase warrant. The warrants entitle holders to acquire one additional share at $0.20 for 24 months following issuance.

The Vancouver-based exploration company plans to use net proceeds for general working capital and continued exploration of its properties. All securities issued will be subject to a four-month statutory hold period.

Completion of the offering requires regulatory approvals, including approval from the Canadian Securities Exchange. United Lithium focuses on lithium, uranium and rare earth element projects in jurisdictions with established infrastructure.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption, according to the company's statement.

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