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Calgary, Alberta, April 29, 2024 (Globe Newswire) — Volt Lithium Corporation (TSXV: VLT | OTCQB: VLTLF) (“bolt” or “company”) is pleased to announce a strategic investment of USD 1,500,000 (“strategic investment”) Enterprise (“Investor) is conducting operations in the Delaware Basin in West Texas, USA, for deployment of field troops. This field unit uses Bolt’s proprietary direct lithium extraction to produce lithium hydroxide monohydrate (“DLE) The technology builds on previous work done by Bolt at the company’s permanent demonstration plant in Calgary, Alberta.
“We are very pleased to work with this carrier to deploy the Volt field force to the Delaware Basin,” said Alex Wiley, Volt President and CEO. “Bolt has been working with this operator over the past few months to successfully extract lithium from their brine at our demonstration plant.”
strategic investment
Strategic investments are made through private placements (“private placement”) with investors. In the private placement, 6,818,182 units of volts (“unit”) will be issued to investors 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 consists of one common share of the Company’s capital stock (each, a “common stock) and one-half of one common share purchase warrant (each entire warrant, “warrant”), each stock acquisition right represents one common share (“warrant share”) is priced at US$0.35 per Warrant share. Securities issued pursuant to the Private Placement are subject to a holding period of four months and one day from the date of termination of the Private Placement. Net Proceeds of the Private Placement will be used for the construction and development of 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 review and approval by the TSX Venture Exchange.
The securities referenced herein have not been and will not be registered under the United States. Securities Act of 1933as modified (‘US securities laws”) or pursuant to U.S. state securities laws and may not be offered or sold in the United States absent the registration requirements or exemption from the registration requirements 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 production basins in North America, with approximately 10.9 million barrels of water produced each day in connection with oil and gas production.
About bolts
Volt is a lithium development and technology company aiming to become North America’s first commercial producer of lithium hydroxide and lithium carbonate from oilfield brine.
For more information, please visit Volt’s website at https://voltlithium.com/.
contact address
For investor information inquiries or more information, please contact us at:
Alex Wiley, President and CEO
awylie@voltlithium.com
Male: +1.403.830.5811
Forward-looking statements
This news release contains certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities laws. As used in this news release, “anticipate,” “believe,” “estimate,” “expect,” “target,” “plan,” “predict,” “may,” The words “will,” “will,” “may,” “schedule” and similar words or expressions identify forward-looking statements or information. Statements other than statements of historical fact may constitute forward-looking information, including information regarding the terms of the strategic investment and private placement, the use of proceeds from the private placement, and the closing date of the private placement. but not limited to. Field unit placement, construction costs, field unit deployment in the Delaware Basin, field unit production of lithium hydroxide monohydrate, and commercial production of lithium hydroxide and lithium carbonate from oilfield brine. The Company has made a number of assumptions regarding the forward-looking information contained in this press release. Although the Company believes that these assumptions are reasonable, they are inherently subject to significant uncertainties and the possibility of chance and may prove to be incorrect. Additionally, there are known and unknown factors that may cause our 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. Risk factors exist. The Company’s Annual Information Form dated February 29, 2024 and (Final) Short Form Basic Inventory Prospectus dated July 20, 2023. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to modify or revise it. We will not update such forward-looking information or publicly revise the forward-looking information contained herein to reflect future results, events or developments, except as required by law. .
Neither 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.
