Mr. Alex Wylie reports
VOLT LITHIUM ANNOUNCES CLOSING OF US$1.5 MILLION STRATEGIC INVESTMENT
Volt Lithium Corp. has closed its previously announced non-brokered private placement of 6,818,182 units of Volt issued to a strategic investor at a price of 22 U.S. cents per unit for aggregate consideration of $1.5-million (U.S.) effective May 1, 2024. Each unit consisted of one common share in the capital of the company and one-half of one common share purchase warrant, with each warrant exercisable into one common share at a price of 35 U.S. cents per warrant share until May 1, 2026. The securities issued under the strategic investment are subject to a hold period equal to four months and a day from the date of closing of the strategic investment, which expires on Sept. 2, 2026.
The proceeds of the strategic investment will be used by Volt for the deployment of a field unit in the Delaware basin in West Texas, United States, and for other general corporate purposes. This field unit will produce lithium hydroxide monohydrate using Volt's proprietary direct lithium extraction technology, building on the work done to date by Volt at the company's permanent demonstration plant in Calgary, Alta.
About the Delaware basin
The Delaware basin is one of the largest conventional oil and gas producing basins in North America, with approximately 10.9 million barrels of water produced every day in association with the oil and gas production.
About Volt
Lithium Corp.
Volt is a lithium development and technology company aiming to be North America's first commercial producer of lithium hydroxide and lithium carbonates from oil field brine.
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