Volt Lithium’s stock experienced a sharp decline in early trading on Tuesday following the company’s announcement of its intention to raise 6 million Canadian dollars ($4.6 million) through a marketed public offering of its units.
Offering Details
The lithium development and technology company plans to offer a combination of units at a price of C$0.22 apiece and flow-through units at a price of C$0.24 each.
Each unit will consist of one common share of the company and one-half of a warrant. The full warrant will have the option to be exercised at a price of C$0.33 for two years after the completion of the offering.
Significant Stock Performance
Volt Lithium’s stock has exhibited impressive growth throughout 2023, more than doubling in value and closing at C$0.26 on Monday. Furthermore, over the past 12 months, the stock has more than tripled in value.
Current Stock Status
As of Tuesday at 9:47 a.m. ET, the stock was trading 15% lower at C$0.22.
Allocation of Funds
The funds raised from the public offering will be allocated towards Volt Lithium’s Canadian exploration initiatives, as well as funding preliminary economic assessments for its Rainbow Lake project in Alberta.
