Volt Lithium announced its intention to raise 6 million Canadian dollars ($4.6 million) by means of a marketed public offering of units.
The lithium development and technology company will offer a combination of units at a price of C$0.22 apiece and flow-through units at a price of C$0.24 each.
Each unit will consist of one common share of the company and one-half of a warrant. The full warrant can be exercised at a price of C$0.33 for two years after the offering closes.
Strong Stock Performance
Throughout 2023, Volt Lithium’s stock has experienced significant growth, more than doubling in value and closing at C$0.26 on Monday. Over the past year, the stock has tripled.
Funding Canadian Exploration and Preliminary Economic Assessments
The proceeds from the offering will be utilized by Volt Lithium to fund its Canadian exploration efforts. Additionally, the company intends to allocate funds for preliminary economic assessments of its Rainbow Lake project located in Alberta.
The Rainbow Lake project boasts an inferred mineral resource of 4.3 million metric tons of lithium carbonate equivalent, a crucial component in lithium-ion batteries.