09:32:30 EDT Sat 15 Jun 2024
Enter Symbol
or Name

Volt Carbon Technologies Inc
Symbol VCT
Shares Issued 194,246,632
Close 2024-06-10 C$ 0.04
Market Cap C$ 7,769,865
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Volt Carbon enters Berkwood option deal

2024-06-11 09:22 ET - News Release

Mr. V-Bond Lee reports


Volt Carbon Technologies Inc. has entered into an arm's-length option agreement with Green Battery Minerals Inc. (GEM) for Volt to acquire an interest in GEM's Berkwood graphite project, located in Northern Quebec, subject to approval by the TSX Venture Exchange.

Under the terms of the agreement (signed on today's date June 11, 2024), GEM has agreed to: (i) grant Volt an option to acquire an undivided 5-per-cent interest in the property that is exercisable until Dec. 31, 2025; and (ii) issue four million shares of GEM to Volt. As consideration for the property option and the shares, Volt has agreed to expend $150,000 on the property prior to Dec. 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 $1.5-million 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, then GEM has the option to buy back the property option. Should GEM exercise the GEM option, GEM shall pay Volt the greater of: (i) $1.8-million; or (ii) 5 per cent 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," said V-Bond Lee, chief executive officer of Volt Carbon Technologies.

About Volt Carbon Technologies Inc.

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.

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