VANCOUVER, British Columbia, Feb. 13, 2024 (GLOBE NEWSWIRE) — United Lithium Corp. (“United” or the “Company”) (CSE: ULTH; OTC: ULTHF; FRA: 0UL) announces that Mr. Henrik Lundin has been appointed to the Company’s board of directors, effective immediately. Mr. Lundin has eighteen years of global experience in the natural resource sector and has held various executive and board roles with both private and public companies in the mining and oil and gas sectors.
Mr. Lundin has considerable global experience in both the technical and business sides of the natural resource sector. He previously served as Chairman of Gold Line Resources, a Fennoscandia focused gold exploration company and Advanced Reservoir Engineer at Aker BP ASA. Mr. Lundin also held the position of COO of TAG Oil Ltd and was responsible for the global operations of TAG Oil and led the farm-in/farm-out processes in Australia and New Zealand. Mr. Lundin is a Swedish citizen and has a B.Sc. Petroleum Engineering degree from the Colorado School of Mines in Golden, Colorado. He currently sits on the board of EMX Royalty Corp.
“I am thrilled to be joining the United team as a director,” remarked Mr. Lundin. “Being based in Europe, I recognize the opportunity to develop local assets to help support the European Union’s goal of achieving carbon neutrality. United’s Swedish and Finnish projects are well positioned to take advantage of the various benefits becoming available for European projects to build out domestic supply chains. United’s board, management team, and key shareholders have significant lithium experience, and I am excited to be involved in helping execute the Company’s European strategy”.
Scott Eldridge, United’s President and CEO commented, “On behalf of the board, management team and shareholders, I am excited to welcome Mr. Lundin. His European know-how and experience will prove valuable as we continue to unlock value in Sweden and Finland. The Lundin family with its Swedish roots, has a long history of generating shareholders returns through the development of mining projects.’’
The Company also announces that it has granted incentive stock options to Mr. Lundin to acquire an aggregate of 150,000 common shares in the capital of the Company at an exercise price of $0.40 (the “Options”), in accordance with its 10% rolling Incentive Stock Option Plan. The Options vest immediately upon grant and are exercisable for a period of sixty months.
The Company also announces that Cathy Fitzgerald has resigned as a director of the Company and from her position as Executive Vice President, Exploration. The board of directors thank Ms. Fitzgerald for her service to the Company and wishes her luck in her future endeavours.
About the Bergby Project
The Bergby Project (“Bergby”) consists of ten exploration licenses covering 7,897 ha located near the coast of the Gulf of Bothnia in central Sweden. The Project is approximately 200 km north of Stockholm via highway E4 and 25 km north of the city of Gävle, within an area of significant infrastructure including highway and road access, railway, power, and the port of Norrsundet. Gävle is a proximal labour and supply hub. Furthermore, Bergby is 570 km south of the new Northvolt lithium battery gigafactory located in Sweden, and 440 km across the Gulf of Bothnia from Keliber Lithium’s hydroxide plant currently under construction. The Project now comprises five drill-confirmed spodumene bearing pegmatites (Pegmatite A to E), with a combined strike length of more than 4,000 m. There are unexplained spodumene-bearing boulder trains and much of the property remains unexplored, highlighting the excellent potential at Bergby for further discovery.
On Behalf of The Board of Directors
“Scott Eldridge”
President, Chief Executive Officer and Director
About United Lithium Corp.
United Lithium Corp. (CSE: ULTH) is an exploration & development company energized by the global demand for lithium. The Company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development, and production opportunities.
The Company’s consolidated financial statements and related management’s discussion and analysis are available on the Company’s website at https://unitedlithium.com/ or under its profile on SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the potential of the Bergby Project; the potential identification of new discoveries; timing and successful execution of the Company’s European strategy. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; contests over title to properties; changes in project parameters as plans continue to be refined; and impact of the COVID-19 pandemic. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of lithium and other metals and minerals; the demand for lithium and other metals and minerals; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.
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