11:23 AM EDT, 04/09/2024 (MT Newswires) -- United Lithium ( ULTHF ) shares were last seen down 5.4% on Tuesday after the company said it increased its ownership in the Kietyonmaki Lithium Project to 100% after acquiring Tammela Minerals Oy's 16.4% minority interest in Litiumoydps Oy, the Finnish entity that holds the rights to the Project. Tammela is a wholly-owned subsidiary of Nortec Minerals.

United paid Nortec $200,000 in cash, for 490 common shares of Litiumloydos from Tammela, representing the 16.4% minority interest. All involved parties also entered into a Deed of Variation to remove Litiumloydos, and include United Lithium ( ULTHF ) as parties to a JV agreement, extinguishing Tammela's right to any royalties on any future production at the Project.

United Lithium ( ULTHF ) acquired its first interest in Litiumloydos in early 2022 via a transaction with a consortium to purchase 83.6% of the issued and outstanding common shares of Litiumloydos, which holds a 100% interest in the licenses that comprise Kietyonmaki.

Price: 0.35, Change: -0.02, Percent Change: -5.41