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Volta raises $455,000 for Falcon West project in NWO

Jun 18, 2024

Volta Metals Ltd. 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. 


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.

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