United Lithium Corp (CSE:ULTH, OTC:ULTHF) announced that it has gained 100% interest in the Kietyönmäki lithium project in Finland by acquiring Tammela Minerals Oy’s 16.4% minority interest in Litiumlöydös Oy, the Finnish company that holds the rights to the project.
The company said it paid Nortec Minerals Corp, owner of subsidiary Tammela, $200,000 in cash in exchange for 490 shares equal to a 16.4% stake of Litiumlöydös, in which United Lithium acquired an 83.6% stake in 2022.
As a condition of closing the acquisition, the parties agreed to remove Litiumlöydös and United Lithium as parties to a joint venture agreement, therefore eliminating Tammela’s right to any royalties on any future production at the project.
The Kietyönmäki project is located in the Tammela mining region in southern Finland, one of the best-known lithium-bearing pegmatite regions in the country.
Since acquiring the project, United Lithium has completed 1,450 meters of drilling in 13 holes primarily testing the lithium-bearing Main Dyke, which has been drill defined to be up to 25 meters wide, more than 200 meters in length and to extend to at least 160 meters below surface.