02:20 PM EDT, 04/29/2024 (MT Newswires) -- Volt Lithium ( VLTLF ) on Monday said it received a US$1.5 million strategic investment by a company with operations in the Delaware Basin in West Texas, to deploy a field unit to produce lithium hydroxide from oilfield brines using Volt's direct lithium extraction (DLE) technology.

Volt is issuing 6.8-million units priced at US$0.22 each, made up of a share and one half of warrant to buy a second share for US$0.35 each.

"We are very pleased to be collaborating with this operator to deploy Volt's field unit in the Delaware Basin. Volt has spent the past several months working with this operator to ensure the successful extraction of lithium from this operator's brine at our demonstration plant," chief executive Alex Wylie said in a release.

Volt shares were last seen down C$0.05 to C$0.31 on the TSX Venture Exchange.

Price: 0.31, Change: -0.05, Percent Change: -13.89