Volta Metals Ltd (CSE:VLTA) has announced a private placement financing to advance its Falcon West lithium project in Ontario, Canada.
The lithium, cesium, and tantalum-focused mineral exploration company said it plans to raise up to $300,000 on a flow-through basis and up to $200,000 on a non-flow-through basis.
The flow-through private placement will consist of units of the company priced at $0.06 each.
Each unit will be comprised of a share that will qualify as a “flow-through share” for tax purposes and one-half of a share purchase warrant.
A whole warrant will entitle the holder to purchase a share of the company at $0.10 per warrant share for two years from the closing date of the offering.
The private placement will be for units priced at $0.05 each.
Each private placement unit will be made up of a share of the company and a one-half share purchase warrant, with each whole warrant entitling the holder to purchase a share of the company at $0.10 per private placement warrant for two years from the closing date.
The proceeds from the flow-through private placement are expected to be used to follow up on exploration targets identified from recently announced drill results, geological surveys, and geochemical analyses, during the 2024 summer exploration season at Falcon West.
Funds raised from the private placement are expected to be used for general corporate and working capital purposes.
Certain directors and officers of the company may take place in the offerings, which are expected to close by May 3.