Volt Carbon Technologies Enters into Arm's Length Option Agreement with Green Battery Minerals for the Berkwood Graphite Project
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Calgary, Alberta--(Newsfile Corp. - June 11, 2024) - Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) (BERLIN: WNF) is pleased to announce that it has entered into an arm's length option agreement with Green Battery Minerals Inc. ("GEM") (TSXV: GEM) (the "Agreement") for Volt to acquire an interest in GEM's Berkwood Graphite Project, located in Northern Quebec (collectively, the "Property"), subject to approval by the TSX Venture Exchange ("TSX-V"). GEM
Under the terms of the Agreement (signed on today's date June11, 2024) , GEM has agreed to: (i) grant Volt an option to acquire an undivided five percent (5%) interest in the Property that is exercisable until December 31, 2025 (the "Property Option"); and (ii) issue 4,000,000 shares of GEM to Volt (the "Shares"). As consideration for the Property Option and the Shares, Volt has agreed to expend $150,000 on the Property (the "Exploration Expenditures") prior to December 31, 2024. Should Volt choose to exercise the Property Option, in addition to the Exploration Expenditures, Volt will be required to make a cash payment of $1,500,000 to GEM.
If, after Volt exercises the Property Option, an arm's length third party presents a bona fide offer to purchase all or substantially all of the assets of GEM, to merge with GEM or complete another form of business combination with GEM (a "GEM Takeover Transaction"), then GEM has the option to buy-back the Property Option (the "GEM Option"). Should GEM exercise the GEM Option, GEM shall pay Volt the greater of: (i) $1,800,000; or (ii) 5% of the consideration paid to GEM pursuant to the GEM Takeover Transaction, in cash.
"Securing this option agreement with Green Battery Minerals for the Berkwood Graphite Project aligns with Volt's strategy to expand access to high-grade graphite deposits thoroughly vetted for compatibility within our proprietary dry separation process. The success of our methods on the Berkwood rock samples, as detailed in our July 2023 press release, alongside the subsequent conversion to battery anode and positive battery test results published in December 2023, solidify this as a strategic North American resource. Furthermore, this collaboration significantly enhances our geographical presence and emphasizes our commitment to sustainable solutions in transforming graphite-bearing rock into lithium-ion battery materials." - V-Bond Lee, CEO of Volt Carbon Technologies
About Volt Carbon Technologies
Volt Carbon is a publicly traded carbon science company, with specific interests in energy storage and green energy creation, with holdings in mining claims in the provinces of Ontario, Quebec and British Columbia in Canada. For the latest information on Volt Carbon's properties and news please refer to the website www.voltcarbontech.com.