Volta Announces Closing of Private Placement
Volta Announces Closing of Private Placement
Toronto, Ontario--(Newsfile Corp. - June 17, 2024) -
Volta Metals Ltd.
(CSE: VLTA) (FSE: D0W)
("
Volta
" or the "
Company
") is pleased to announce that it has closed its previously announced non-
brokered private placement (the "
Offering
") by issuing 9,100,000 units of the Company (the "
Units
") at
a price of $0.05 per Unit for aggregate gross proceeds of $455,000.
Each Unit consists of one common share of the Company (each, a "
Share
") and one half of one
common share purchase warrant of the Company (each whole warrant, a "
Warrant
"), with each Warrant
entitling the holder thereof to purchase an additional Share of the Company (a "
Warrant Share
") at an
exercise price of $0.10 per Warrant Share for a period of 24 months from the closing of the Offering.
The Company will use net proceeds from the Offering to follow up on exploration targets identified from
recently announced drill results, geophysical surveys, and geochemical analyses, during the 2024
summer exploration season and for general corporate and working capital purposes for the Company.
As in every financing the Company has completed to date, directors and officers of the Company (the
"
Insiders
") have participated in the Offering, increasing insider holdings. The Insiders acquired an
aggregate of 1,700,000 Units under the Offering. The issuance of the Units to the Insiders constitutes a
"related party transaction" within the meaning of Multilateral Instrument 61-101 -
Protection of Minority
Security Holders in Special Transactions
("
MI 61-101
"). The Company is relying on an exemption from
the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant
to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by
the Insider does not exceed 25% of the fair market value of the Company's market capitalization.
The securities issued under the Offerings will be subject to a statutory hold period in Canada of four
months and a day from the date of issuance in accordance with applicable securities laws. The closing
of the Offering is subject to the receipt of all required regulatory approvals, including the approval of the
Canadian Securities Exchange.
ABOUT VOLTA METALS LTD.
Volta Metals Ltd. (CSE: VLTA) (FSE: D0W)
is a mineral exploration company based in Toronto,
Ontario, focused on lithium, cesium, and tantalum. It has optioned and is currently exploring a critical
minerals portfolio of lithium, cesium, and tantalum projects in northwestern Ontario, considered one of
the world's most prolific, emerging hard-rock lithium districts. To learn more about Volta and its flagship
Falcon West Lithium Project, please visit
www.voltametals.ca
.
ON BEHALF OF THE BOARD
For further information, contact:
Kerem Usenmez, President & CEO
Tel: 416.919.9060
Email:
Website:
www.voltametals.ca
Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to product development, plans,
strategies, and other statements that are not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact included in this news release are forward-looking
statements that involve risks and uncertainties. Forward-looking information in this news release
includes, but is not limited to, the anticipated use of the net proceeds from the Offerings and the receipt
of all necessary approvals for the Offering. There can be no assurance that such statements will prove to
be accurate, and actual results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ materially from the Company's
expectations include: the risks detailed from time to time in the filings made by the Company with
securities regulators; the fact that Volta's interests in its mineral properties are options only and there are
no guarantee that such interest, if earned, will be certain; the future prices and demand for lithium; and
delays or the inability of the Company to obtain any necessary approvals, permits and authorizations
required to carry out its business plans. The reader is cautioned that assumptions used in the
preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any forward-looking statements. Such
information, although considered reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those anticipated. Forward-looking statements
contained in this news release are expressly qualified by this cautionary statement. The forward-looking
statements contained in this news release are made as of the date of this news release, and the
Company disclaims any intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise, other than as required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/213386