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CALGARY, Alberta, May 02, 2024 (GLOBE NEWSWIRE) -- Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF) (“Volt” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement of 6,818,182 units of Volt (“Units”) issued to a strategic investor (the “Investor”) at a price of US$0.22 per Unit for aggregate consideration of US$1,500,000 (the “Strategic Investment”) effective May 1, 2024. Each Unit consisted of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”), with each Warrant exercisable into one Common Share (a “Warrant Share”) at a price of US$0.35 per Warrant Share until May 1, 2026. The securities issued under the Strategic Investment are subject to a hold period equal to four months and a day from the date of closing of the Strategic Investment, which expires on September 2, 2026.

The proceeds of the Strategic Investment will be used by Volt for the deployment of a field unit in the Delaware Basin in West Texas, USA and for other general corporate purposes. This field unit will produce lithium hydroxide monohydrate using Volt’s proprietary direct lithium extraction technology, building on the work done to date by Volt at the Company’s permanent demonstration plant in Calgary, Alberta (the “Demonstration Plant”).

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 news 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/.