07:37 AM EDT, 10/20/2025 (MT Newswires) -- United Lithium ( ULTHF ) said over the weekend that it entered a letter of intent to acquire Swedish Minerals.

The combined company will focus on exploring lithium, uranium, rare earths and other strategic metals in the Nordic region. Swedish minerals holds one of the largest privately held uranium portfolios in the EU, United Lithium ( ULTHF ) said.

Under the terms, shareholders of Swedish Minerals will receive 25 million shares of United Lithium ( ULTHF ) at $0.20 per share as well as $450,000 in cash, payable as a $50,000 non-refundable deposit upon execution of the LOI and $400,000 at closing.

Upon Closing, the board of directors of United Lithium ( ULTHF ) will be reconstituted to comprise five members, with three directors nominated by United and two directors nominated by Swedish Minerals. Andrew Bowering will be appointed interim chief executive officer and Jonathan Franklin will be appointed president.

United Lithium ( ULTHF ) will also grant to Swedish Minerals shareholders a 1.75% net smelter return royalty on all properties currently held by Swedish Minerals.

As part of the transaction, United Lithium ( ULTHF ) will conduct its shares on the basis of one post-consolidation share for every two pre-consolidation shares, resulting in a total of 43,870,527 shares being issued and outstanding.

Concurrent with the agreement, United Lithium ( ULTHF ) will issue 15 million pre-consolidation units to raise up to $2.3 million. Each unit will comprise one pre-consolidation share and one pre-consolidation warrant. Each warrant can be exercised at $0.30 per share for 24 months.