Source: Streetwise Reports 05/03/2024
Volt Lithium Corp. (OTC: VLTLF) aims to become North America's first commercial producer of lithium hydroxide and lithium carbonates from oilfield brine. Read to see what experts are saying about this company's stock.
Volt Lithium Corp. has announced a strategic investment of US$1,500,000 by a company with operations in the Delaware Basin in West Texas, U.S.A., with the purpose of deploying a field unit.
This field unit will produce lithium hydroxide monohydrate using Volt's direct lithium extraction (DLE) technology and will build on work already done by Volt at its permanent Demonstration Plant in Calgary, Alberta.
Its Delaware Basin project is located in one of the largest conventional oil and gas-producing basins in North America. It produces approximately 10.9 million barrels of water every day through the production of oil and gas.
The strategic investment will be completed through a non-brokered, private placement with the investor. Under the private placement, 6,818,182 units of Volt will be issued at a price of US$0.22 per unit for an 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 and one-half of one common share purchase warrant. Each warrant will be exercisable into one common share at a price of US$0.35 per warrant share.
Of the investment, President and CEO Alex Wylie said: "We are very pleased to be collaborating with this operator to deploy Volt's field unit in the Delaware Basin. 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."
Spotlight on VoltAccording to its website, Volt Lithium Corp 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."
It explains that its 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."
The company's President, CEO, and Director, Alex Wylie, has "a proven track record of founding and building successful high-growth resource-based businesses" while Chief Financial Officer Morgan Tiernan offers "10+ years of tax and financial reporting experience for private and public entities."
Volt Lithium's Board of Directors also has a lot to offer in terms of experience within the sector. Director Warner Uhl has over 30 years of experience as a senior mining professional, "working in executive management with mining, construction, and engineering companies."
As Chair of the Board, Lt. General (ret'd) Honourable Andrew Leslie uses his "extensive U.S./Canada cross border relations experience."
Volt's Board of Directors has over 130 years of experience in total in relevant sectors.
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