Volt Lithium Announces Expansion of Team to Facilitate Growth to Field Operations

Rhea-AI Summary

Volt Lithium has announced key additions to its team to support its transition to field operations in the Delaware Basin, Texas. The new additions include Dave Kimery as Chief Operating Officer, Derek McFarlane as Production Engineer for U.S. Field Operations, and Greg Foofat as Vice President of Investor Relations. These appointments aim to facilitate the company's expansion beyond its Field Simulation Centre in Calgary to full field operations and eventually commercial operations. Mr. Kimery brings over 25 years of experience in the energy industry, while Mr. McFarlane offers over 30 years in oil and gas field operations. Mr. Foofat will enhance Volt's communication strategies, leveraging his 20 years of experience in capital markets and investor relations. Additionally, Volt has granted 800,000 stock options at $0.25 per share to these new team members and certain consultants, vesting over six months and expiring in June 2028.

Positive

• Volt Lithium has strengthened its team with experienced professionals, enhancing operational and strategic capabilities.
• The company is transitioning to field operations in the Delaware Basin, indicating progress towards commercial operations.
• Dave Kimery's 25 years of energy industry experience will aid in the successful execution of field operations.
• Derek McFarlane’s 30 years of field experience in various U.S. basins will be important for operations in the Delaware Basin.
• Greg Foofat will improve investor relations and communication strategies, leveraging his 20 years of capital markets experience.
• 800,000 stock options granted to new team members align their interests with the long-term success of Volt.

Negative

• The stock options granted, while incentivizing, will result in potential dilution for existing shareholders.
• The transition to field operations involves operational risks and uncertainties that could impact business performance.
• The expansion requires significant investment, which might strain financial resources if not managed prudently.

• Volt welcomes new team members that will help facilitate its transition to field operations and future commercial operations in the Delaware Basin in Texas, USA
  

CALGARY, Alberta, June 13, 2024 (GLOBE NEWSWIRE) -- Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF) ("Volt" or the "Company") is pleased to announce following additions to the team: Dave Kimery, PEng, Chief Operating Officer; Derek McFarlane, Production Engineer and Field Operations, USA; Greg Foofat, Vice President, Investor Relations.  

Since the beginning of 2024, Volt has expanded its operational team to prepare for field operations in the Delaware Basin in Texas. Mr. Kimery and Mr. McFarlane have been critical to Volt’s operations as we expand beyond our Field Simulation Centre in Calgary, Alberta. Mr. Foofat brings extensive industry and capital markets experience from both the lithium industry and oil and gas industry and will help Volt increase its communications capabilities as the Company commences operations in the field and later to commercial operations.

• Mr. Kimery is a Mechanical Engineer with over 25 years experience and has been responsible for the build out of the Company’s Field Simulation Unit in Calgary, Alberta. Mr. Kimery has spent the past 25 years working in the Energy Industry in multiple capacities, including as a CEO, COO and VP Engineering with multiple successful oil and gas companies. Mr. Kimery is a Mechanical Engineering by training, graduating from the University of Calgary.
• Mr. McFarlane is a Production Engineer with over 30 years experience working in the oil and gas industry. Mr. McFarlane, originally from Calgary, has spent the past 20 years working in field across various basins in the US, including the Permian (Delaware, Woodford, Eagle Ford), the Bakken and the Marcellus basins. Mr. McFarlane’s “hands on” operational experience will be critical to Volt as it commences operations in the Delaware Basin.
• Mr. Foofat has 20 years of experience in capital markets, investor relations, corporate communications, corporate governance and corporate strategy. He currently serves on the Advisory Board at Lancaster Resources and most recently was Manager, Investor Relations for E3 Lithium Ltd. Mr. Foofat also brings significant oil and gas and capital markets expertise through investor relations roles at organizations such as Harvest Operations, Penn West Petroleum and Southern Pacific Resources, and capital markets roles at National Bank Financial and Canaccord Genuity.
  

Volt also announces the grant of an aggregate of 800,000 options (the "Options") to the above individuals and certain consultants of the Company to purchase 800,000 commons shares (the “Shares”) in the capital of the Company pursuant to Volt’s stock option plan. The Options vest over a six-month period and are exercisable at $0.25 per Share for a period of four years from the date of grant, expiring on June 11, 2028.

These grants represent compensation to the individuals and consultants for their respective service to the Company and as an incentive mechanism to foster and align the interest of such persons in the long-term success of Volt.

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. Our 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. Volt has a proprietary Direct Lithium Extraction (“DLE”) technology and process to produce commercial grade lithium allowing the highest lithium recoveries with lowest costs. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company’s continued progress on its website: https://voltlithium.com/.

Contact Information

For Investor Relations inquiries or further information, please contact:

Alex Wylie, President & CEO                                
awylie@voltlithium.com                                
M: +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”, “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 general business and economic conditions. With respect to the forward-looking information contained in this news 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 amended and restated annual information form and the Shelf. 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 news release.

FAQ

What new team members did Volt Lithium add in June 2024?

Volt Lithium added Dave Kimery as COO, Derek McFarlane as Production Engineer for U.S. Field Operations, and Greg Foofat as VP of Investor Relations.

What is the significance of Volt Lithium's transition to field operations in the Delaware Basin?

The transition marks a critical step towards commercial operations, expanding Volt's presence beyond its Field Simulation Centre in Calgary.

How many stock options were granted by Volt Lithium in June 2024?

Volt Lithium granted 800,000 stock options, each exercisable at $0.25 per share.

What is the experience of Volt Lithium's new Chief Operating Officer?

Dave Kimery, the new COO, has over 25 years of experience in the energy industry, including roles as CEO, COO, and VP Engineering.

What expertise does Derek McFarlane bring to Volt Lithium?

Derek McFarlane has over 30 years of field experience in the oil and gas industry, working in various U.S. basins.

How will Greg Foofat contribute to Volt Lithium?

Greg Foofat will enhance Volt's investor relations and communication strategies with his 20 years of experience in capital markets and corporate communications.