Volta Metals Ltd (CSE:VLTA) announced it has secured 100% ownership of additional claims contiguous to its Lee Creek Claims spanning 1,520 hectares in Ontario’s greenstone belt, strategically positioned near key lithium deposits.
The company will acquire a 100% interest in these claims and upon closing will grant the vendors a 1.5% net smelter returns royalty.
In consideration for the claims, Volta paid $7,875 in cash and will issue 150,000 shares to the vendors.
The acquisition provides Volta with additional ground to explore within Ontario’s highly prospective greenstone belt, the company highlighted.
The company also announced the closing of an oversubscribed private placement, raising $241,000 through the issuance of 4.82 million units priced at $0.05 each.
Company insiders increased their holdings by acquiring over half of the issued units.
The proceeds will fund exploration at the ZigZag Project, an option payment for the Falcon West property, and general corporate needs.
Exploration crews are mobilizing to assess the newly acquired ZigZag Project, which includes chip channel sampling and prospecting.