Volt Lithium Announces US$1.5 Million Strategic Investment to Commence Field Operations in the Delaware Basin in Texas, USA
Volt Lithium Corp. announces a US$1.5 million strategic investment with an operator in the Delaware Basin in Texas to deploy a field unit producing lithium hydroxide monohydrate using Volt's DLE technology. The investment involves a private placement of 6,818,182 units at US$0.22 per unit, expected to close on May 1, 2024. The proceeds will fund the construction of the field unit and general corporate purposes.
Strategic investment of US$1.5 million to advance field operations in the Delaware Basin.
Collaboration with an operator in Texas for the deployment of a field unit using Volt's proprietary technology.
Private placement of 6,818,182 units at a price of US$0.22 per unit to fund the project.
Securities issued under the private placement not registered under the U.S. Securities Act, limiting potential market access.
The Private Placement subject to review and approval by the TSX Venture Exchange, adding a layer of uncertainty.
Not for distribution to United States newswire services or for dissemination in the United States.
CALGARY, Alberta, April 29, 2024 (GLOBE NEWSWIRE) -- Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF) (“Volt” or the “Company”) is pleased to announce a strategic investment of US
“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
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 & 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”, “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.
FAQ
What is the strategic investment amount announced by Volt Lithium Corp.?
Where will the field operations be commenced as per the press release?
What technology will be used for producing lithium hydroxide monohydrate by Volt Lithium Corp.?
What is the price per unit for the private placement mentioned in the press release?
When is the expected closing date for the private placement according to the press release?
