United Lithium Announces Closing of $2.25M Financing and Appointment of Andrew Bowering as Interim CEO

Executive Summary

• United Lithium closed a non‑brokered private placement raising $2,250,000 through the issuance of 15,000,000 units at $0.15 per unit.
• Net proceeds will fund general working capital, advance exploration across its lithium portfolio, and support due‑diligence and regulatory work for the proposed acquisition of Swedish Minerals AB.
• The company appointed Andrew Bowering as Interim Chief Executive Officer, replacing Scott Eldridge.

Key Details

• Offering Size & Price: 15,000,000 units sold at $0.15 per unit; gross proceeds of $2.25 million.
• Unit Composition: Each unit = 1 common share + 1 common‑share purchase warrant.
• Warrant Terms: Exercise price $0.30 per share; exercisable for 24 months from issuance; acceleration clause if United Lithium’s share price ≥ $0.60 for ten consecutive trading days (expiry accelerated to 30 days after notice).
• Resale Restrictions: All securities restricted from resale until 20 March 2026.
• Related‑Party Participation:
• Andrew Bowering (Interim CEO) – $300,000
• Henrik Lundin (Director) – $20,000
• Iain Scarr (Director) – $25,000
• Total related‑party consideration $345,000 (< 25 % of market cap, exempt from minority‑approval requirements).
• Use of Proceeds:
• General working capital.
• Exploration activities across United Lithium’s project portfolio.
• Ongoing due‑diligence, regulatory and transactional work for the proposed acquisition of Swedish Minerals AB (announced 17 Oct 2025).
• Regulatory Notes: Offering subject to final approval by the Canadian Securities Exchange; no finders’ fees or commissions paid.
• Management Change:
• Andrew Bowering appointed Interim CEO, effective immediately.
• Background: >30 years in mining, capital markets and corporate development; former strategic advisor to United Lithium; prior leadership roles at Millennial Lithium (acquired by Lithium Americas), Prime Mining (acquired by Torex Gold), American Lithium, Apollo Silver.
• Former CEO Scott Eldridge steps down as President & CEO but remains a director.

Notable Quotes

• “Andrew Bowering brings extensive experience advancing exploration assets and securing strategic financing, positioning United Lithium for its next phase of development.” – Board of Directors (paraphrased).