Volt Lithium Announces US$1.5 Million Strategic Investment to Commence Field Operations in the Delaware Basin in Texas, USA
29 Aprile 2024 - 2:15PM
Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF)
(“
Volt” or the “
Company”) is
pleased to announce a strategic investment of US$1,500,000 (the
“
Strategic Investment”) by a company (the
“
Investor”) with operations in the Delaware Basin
in West Texas, USA, for the deployment of a field unit. This field
unit will produce lithium hydroxide monohydrate using Volt’s
proprietary direct lithium extraction (“
DLE”)
technology, building on the work done to date by Volt at the
Company’s permanent Demonstration Plant in Calgary, Alberta.
“We are very pleased to be collaborating with
this operator to deploy Volt’s field unit in the Delaware Basin.”
commented Volt’s President & CEO, Alex Wylie. “Volt has spent
the past several months working with this operator to ensure the
successful extraction of lithium from this operator’s brine at our
Demonstration Plant”.
The Strategic Investment
The Strategic Investment is to be completed by
way of a non-brokered, private placement (the “Private
Placement”) with the Investor. Under the Private
Placement, 6,818,182 units of Volt (“Units”) will
be issued to the Investor at a price of US$0.22 per Unit for
aggregate consideration of US$1,500,000 and is expected to close on
or about May 1, 2024. Each Unit will consist of one common share in
the capital of the Company (each, a “Common
Share”) and one-half of one Common Share purchase warrant
(each whole warrant, a “Warrant”), with each
Warrant exercisable into one Common Share (a “Warrant
Share”) at a price of US$0.35 per Warrant Share. The
securities issued under the Private Placement will be subject to a
hold period equal to four months and a day from the date of closing
of the Private Placement. The net proceeds of the Private Placement
will be used to build and deploy a field unit for one of the
Investor’s facilities in the Delaware Basin and for general
corporate purposes. The Private Placement remains subject to the
review and approval by the TSX Venture Exchange.
The securities referred to herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”),
or any U.S. state securities laws and may not be offered or sold in
the United States absent registration or an available exemption
from the registration requirement of the U.S. Securities Act and
applicable U.S. state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities, in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
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
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.
For further information, visit Volt’s website
at: https://voltlithium.com/.
Contact Information
For Investor Relations inquiries or further
information, please contact:
Alex Wylie, President &
CEOawylie@voltlithium.comM: +1.403.830.5811
Forward-Looking Statements
This news release includes certain
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. When
used in this news release, the words “anticipate”, “believe”,
“estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “will”,
“would”, “could”, “schedule” and similar words or expressions,
identify forward-looking statements or information. Statements,
other than statements of historical fact, may constitute
forward-looking information and include, without limitation,
information with respect to the terms of the Strategic Investment
and Private Placement, the use of proceeds from the Private
Placement, the closing date of the Private Placement, the costs to
build the Field Unit, the deployment of the Filed Unit in the
Delaware Basin, the production of lithium hydroxide monohydrate by
the Field Unit, and the commercial production of lithium hydroxide
and lithium carbonates from oilfield brine. With respect to the
forward-looking information contained in this press release, the
Company has made numerous assumptions. While the Company considers
these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies
and may prove to be incorrect. Additionally, there are known and
unknown risk factors which could cause the Company’s actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information contained herein
including those known risk factors outlined in the Company’s annual
information form dated February 29, 2024 and (final) short form
base shelf prospectus dated July 20, 2023. All forward-looking
information herein is qualified in its entirety by this cautionary
statement, and the Company disclaims any obligation to revise or
update any such forward-looking information or to publicly announce
the result of any revisions to any of the forward-looking
information contained herein to reflect future results, events or
developments, except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Grafico Azioni Volt Lithium (TSXV:VLT)
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