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.
Volt Lithium | https://voltlithium.com/
