United Lithium Corp (CSE:ULTH, OTC:ULTHF) announced that it intends to raise C$2 million through a non-brokered private placement of up to 6,666,667 units at $0.30 each.
Each unit consists of one share and one share purchase warrant entitling the holder to acquire an additional share at C$0.40 for 36 months.
The company plans to use the proceeds from the offering for exploration of its lithium properties and for general working capital purposes.
It also announced that it has repriced a total of 16,666,667 previously issued share purchase warrants.
The warrants were issued on March 6, 2023, as part of a previously completed non-brokered financing and are currently exercisable at a price of $0.75 per share.
With the consent of the warrant holders, the company will reduce the exercise price to $0.50 per share.