United Lithium Corp (CSE:ULTH) has announced the appointment of Scott Eldridge as the company’s new president, CEO, and director.
The exploration and development company said Eldridge, who has 15 years of experience in the metals and mining industry with a focus on capital markets, was the former chief financial officer of Amarillo Gold before its takeover by Hochschild Mining.
United Lithium noted that Michael Dehn, its previous president and CEO, will transition to a consulting role with the company.
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As well, United Lithium revealed that it intends to complete a non-brokered private placement consisting of up to 50 million company units, at a price of $0.14 per unit, for gross proceeds of up to C$7 million.
It added that it intends to use the net proceeds from the offering for exploration of the company’s properties and for general working capital.
Each unit is comprised of one company common share plus one share purchase warrant, which entitles the holder to acquire one additional United Lithium share at a price of C$0.25 for a period of 24 months.
The offering is expected to close on or about March 5, 2023, and all securities issued will be subject to a statutory four-month hold period, according to the company.
United Lithium is a hard rock lithium explorer with projects in Canada, the US, Sweden, and Finland. The group aims to be a sustainable supplier to the rapidly growing lithium-ion battery market and is also testing lithium processing technology to drive more environmentally-friendly product with higher recoveries.
Contact Sean at sean@proactiveinvestors.com