Mr. Alex Wylie reports
VOLT LITHIUM ANNOUNCES TRANSITION TO PURE-PLAY LITHIUM DEVELOPER WITH TERMINATION OF OPTION AGREEMENTS FOR COPPER ASSETS
Volt Lithium Corp. has terminated two existing option agreements related to copper assets that were part of its predecessor company's portfolio and were not being pursued as part of Volt's strategy. With the termination of these agreements, Volt's asset base has been streamlined and offer investors exposure to a growing, pure play lithium development and technology company aiming to be North America's first commercial producer of lithium hydroxide and lithium carbonates from oilfield brine.
Details of the terminated option agreements
The two terminated option agreements include: (i) the option to acquire a 100-per-cent interest in the Stateline property, pursuant to an option agreement among Cloudbreak Discovery PLC, Cloudbreak Discovery (Canada) Ltd., Tarsis Resources U.S. Inc., Alianza Minerals Ltd. and Volt dated Feb. 9, 2022; and (ii) the option to acquire a 100-per-cent interest in the Silver King property, pursuant to an option agreement among Goodsprings Exploration LLC, Robert Cole, Lori Cole and 1269280 B.C. Ltd. (B.C.
Co.) dated Feb. 10, 2021.
The terms of the Stateline agreement were announced in the company's press release dated Feb. 10, 2022. In accordance with the Stateline agreement, the company has given notice for the termination of the Stateline agreement, which will be effective immediately. Upon termination, Volt is required to maintain the mineral claims that comprise the Stateline property in good standing for a period of two years, which is expected to cost approximately $30,000.
The company acquired the option underlying the SK agreement when it acquired B.C. Co. on Oct. 27, 2021, pursuant to a three-cornered amalgamation in accordance with Section 260 of the Business Corporations Act (British Columbia). Pursuant to the RTO transaction, B.C. Co. was amalgamated with 1303288 B.C. Ltd., which is a wholly owned subsidiary of the company. The terms of the SK agreement were disclosed in the company's filing statement dated Oct. 18, 2021. In accordance with the SK agreement, the company, through Volt SubCo, has given notice for the termination of the SK agreement, which will be effective immediately.
Volt is a lithium development and technology company aiming to be North America's first commercial producer of lithium hydroxide and lithium carbonates from oilfield brine. Its strategy is to generate value for shareholders by leveraging management's hydrocarbon experience and existing infrastructure to extract lithium deposits from existing wells, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars and a proprietary direct lithium extraction (DLE) technology, Volt's innovative approach to development is focused on allowing the highest lithium recoveries with lowest costs, positioning it well for future commercialization. Volt is committed to operating efficiently and with transparency across all areas of the business, staying sharply focused on creating long-term, sustainable shareholder value.
We seek Safe Harbor.
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