Sunstone Metals Ltd (ASX:STM) has completed the sale of its joint venture interest in the Finnish Lithium Project.
STM received A$460,000 in cash and 871,803 shares in Canadian Securities Exchange-listed United Lithium Corp., with a value of around A$480,000 at the current ULTH share price.
This takes the total value to $940,000.
The United Lithium shares are held under escrow for four months (70%) and eight months (remaining 30%).
“The sale gives us additional cash for our Ecuadorian gold-copper focused exploration campaign while enabling us to retain exposure to the upside offered by involvement in the rapidly growing European lithium sector,” Sunstone managing director Malcolm Norris said.
VAL sold its 83.6% stake in the Finland lithium project, including the Kietyönmäki lithium occurrence, to United Lithium Corp, following the definitive agreement letter of intent signed in May 2021.
Read: Sunstone Metals sells 83.6% stake in Finland lithium project for A$920,000 in cash and shares