Volt Lithium announces strategic investment to commence field operations in the Delaware Basin

Published by Jane Bentham,
Editorial Assistant

Global Mining Review,

Volt Lithium Corp. has announced a strategic investment of US$1 500 000 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 and 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 is to be completed by way of a non-brokered, private placement with the Investor. Under the Private Placement, 6 818 182 units of Volt 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 1 May 2024. Each Unit will consist 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 (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.

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