Volta Announces Closing of $2.8 Million Oversubscribed and Upsized Private Placement

Core Viewpoint - Volta Metals Ltd. has successfully closed an oversubscribed non-brokered private placement, raising gross proceeds of $2,810,508 through the issuance of 12,219,601 common shares at a price of $0.23 per share, marking a significant milestone for the company [1][6]. Financing Details - The private placement was oversubscribed, indicating strong investor interest and confidence in the company's strategy [1][6]. - The funds raised will be utilized for eligible Canadian exploration expenses, specifically for flow-through critical mineral mining expenditures, on or before December 31, 2026 [3]. - A director of the company participated in the offering, acquiring 87,000 FT Shares, which is classified as a related party transaction [4]. Use of Proceeds - The company plans to initiate a second-phase drill program to further explore the recently acquired Springer advanced Rare Earth and Gallium Deposit, as well as the Aki Critical Minerals Project [3]. - All qualifying expenditures will be renounced in favor of the subscribers of the FT Units by December 31, 2025 [3]. Compensation and Regulatory Compliance - In connection with the offering, the company paid commissions totaling $163,560 in cash and issued 711,132 finder warrants, which allow the purchase of common shares at the same price for a period of 24 months [5]. - The offering is subject to a statutory hold period of four months and one day, and requires regulatory approvals, including from the Canadian Securities Exchange [5]. Company Overview - Volta Metals Ltd. is a mineral exploration company based in Toronto, focusing on critical minerals such as rare earths, gallium, lithium, cesium, and tantalum [7]. - The company is actively exploring a portfolio of projects in Ontario, a region recognized for its potential in hard-rock critical minerals [7].