Getting lit, United Lithium (OTCQX: ULTHF) signs deal to acquire Swedish Minerals

United Lithium Corp. (OTCQX: ULTHF) entered a binding letter of intent to acquire all outstanding shares of Swedish Minerals AB, a uranium and rare earth explorer with assets in Finland and Sweden.

Under the transaction terms, Swedish Minerals shareholders will receive 25 million United Lithium shares at $0.20 each and $450,000 in cash. United Lithium will conduct a 2-for-1 share consolidation, resulting in approximately 43.87 million shares outstanding post-transaction.

The deal includes a board restructuring with five directors, three nominated by United Lithium and two by Swedish Minerals. Andrew Bowering will become interim chief executive officer, and Jonathan Franklin will serve as president following the closing.

Swedish Minerals holds uranium exploration properties including the Riutta Project in Finland near the Terrafame mining operation, and three Swedish properties: the 630-hectare Duobblon Deposit near Sorsele, the 2,900-hectare Norr Döttern Project near Arvidsjaur, and the 2,710-hectare Märrviken Project near Ånge.