United Lithium closes $2.25M financing, names Andrew Bowering interim CEO

United Lithium Corp. (CSE: ULTH) completed a $2.25 million private placement financing and appointed Andrew Bowering as interim chief executive officer, the Vancouver-based exploration company announced.

The financing involved issuing 15 million units at $0.15 each. Each unit includes one common share and one warrant allowing the purchase of an additional share at $0.30 within 24 months. The warrants include an acceleration provision permitting the company to shorten the expiry period to 30 days if shares close at $0.60 or higher for 10 consecutive trading days.

Securities issued in the offering cannot be resold until March 20, 2026, under applicable securities laws. The financing requires final approval from the Canadian Securities Exchange.

United Lithium plans to use proceeds for working capital, exploration activities, and due diligence work related to its proposed acquisition of Swedish Minerals AB, announced in October.

Company insiders participated in the financing, including Bowering for $300,000, director Henrik Lundin for $20,000, and director Iain Scarr for $25,000. These transactions qualified as related party transactions under Canadian securities regulations but were exempt from valuation and minority approval requirements.

Bowering replaces Scott Eldridge as CEO, though Eldridge will remain as a director. Bowering previously served as a strategic advisor to United Lithium and brings over 30 years of mining and capital markets experience. His background includes senior roles at Millennial Lithium Corp., Prime Mining Corp., American Lithium Corp., and Apollo Silver Corp.

The company focuses on lithium exploration projects in jurisdictions with established infrastructure to support development opportunities.

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