ULTHF - United Lithium Announces $2 Million Private Placement and Repricing of Warrants | Benzinga
VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) -- United Lithium Corp. ("United" or the "Company") ((CSE: ULTH, OTC:ULTHF, FWB: 0UL)) announces today that the Company intends to complete a fully subscribed non-brokered private placement (the "Offering") consisting of up to 6,666,667 units (each, a "Unit") of the Company at a price of C$0.30 per Unit for gross proceeds of up to C$2,000,000.
Each Unit is comprised of one common share (each, a "Share") and one Share purchase warrant (each, a "Warrant") entitling the holder to acquire one additional Share at a price of C$0.40 for a period of thirty-six (36) months.
The Company intends to use the net proceeds raised from the Offering for exploration of the Company's properties and for general working capital purposes. All securities issued in the Offering will be subject to a statutory four-month hold period. Closing of the Offering is subject to receipt of all required regulatory approvals, including approval from the Canadian Securities Exchange (the "CSE"). The Offering is expected to close on or about April 2, 2024.
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.
Repricing of Warrants
The Company also announces that it will amend the exercise price of a total of 16,666,667 previously issued Share purchase warrants (the "Repriced Warrants"). The Repriced Warrants were originally issued on March 6, 2023, as part of the Company's previously completed non-brokered financing and are currently exercisable at a price of $0.75 per Share (as adjusted from $0.25 per Share after giving effect to the Company's consolidation completed on December 27, 2023). ...