VANCOUVER, British Columbia, Jan. 29, 2024 (GLOBE NEWSWIRE) — United Lithium Corp. (“United” or the “Company”) (CSE: ULTH; OTC: ULTHF; FWB: 0UL) is pleased to announce that Anoop Prihar has joined the Company as Vice President Corporate Development. Mr. Prihar has over twenty-five years of experience as an institutional sell-side equity analyst with a focus on the mining sector. The Company has also commenced a Scandinavian focused marketing and awareness campaign to introduce the investment community to United’s local lithium projects in Sweden and Finland.
Appointment of Vice President Corporate Development
Mr. Prihar has worked as an institutional sell-side equity analyst for over twenty-five years at Stifel GMP and Eight Capital in Toronto, Canada. During this time, he covered a variety of sectors including: Metals and Mining, Fertilizers, Real Estate, Non-Bank financials, Clean-Tech and Industrials. For the last five years, Mr. Prihar covered the Battery Metals sector with a focus on emerging lithium, nickel and graphite producers. Mr. Prihar has been recognized as a top ranked analyst by both Brendan Wood International and Reuters Investment Survey. He also serves as a member of the Finance, Risk, Audit and Investment Committee of the Oakville Hospital Foundation and holds an MBA with a concentration in Finance from the University of Western Ontario.
Mr. Prihar remarked, “I am excited to be joining the team responsible for capturing the commercial potential of United. The European Union’s (“EU”) Critical Raw Materials Act is designed to ensure the region has access to a secure and sustainable supply of strategic raw materials. By providing economic incentives and streamlining the permitting process, the EU’s Critical Raw Materials Act aims to ensure the EU is able to extract 10% of its lithium requirements by 2030. Given the exploration results achieved to-date at our Bergby Project in Sweden, along with the Project’s access to infrastructure and management’s track record for creating value, I am optimistic about the outlook for the Company.“
“Over the coming weeks, I will be presenting the key attributes of United’s business strategy and near-term objectives to the investment community. As part of this process, United plans to participate in various conferences and awareness programs.”
Engagement of Scandinavian Alliance for Nordic Marketing and Awareness Campaign
The Company also announces that it has entered into a consulting services agreement dated January 26, 2024, with Karlsson Group Limited, doing business as Scandinavian Alliance (“SA”), for a period of six (6) months. SA will undertake a wide-ranging European marketing and awareness campaign, including consulting marketing services, such as managing brand recognition and awareness, social media strategy and planning, social media reporting and other similar services, broadening the Company’s Scandinavian audience where its core lithium projects are located.
In consideration for the services, the Company will pay SA an aggregate amount of CAD$110,922. SA does not have an interest, directly or indirectly, in the Company and its securities, or any right or intent to acquire any such interest. SA’s head office is at 1203, 12/F, Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Hong Kong. These services are expected to be provided by Mr. Paul Druce, Managing Partner at SA, and he can be reached by phone at +46 8 559 26 709 or [email protected].
Incentive Stock Option Grant
The Company also announces that it has granted incentive stock options to Mr. Prihar to acquire an aggregate of 100,000 common shares in the capital of the Company at an exercise price of $1.05 (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.
About 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 SA’s European marketing and awareness campaign. 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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