Volt Carbon Technologies Inc. ("VCT") is pleased to announce that it has entered into an option agreement with E-Power Resources Inc. (CSE: EPR) ("EPR") (the "Agreement") for Volt to acquire an interest in EPR's Tetepisca Graphite Project, located in Northern Quebec (collectively, the "Property"), subject to approval by the TSX Venture Exchange ("TSX-V") and the Canadian Securities Exchange ("CSE").
Under the terms of the Agreement, EPR has agreed to: (i) grant Volt an option to acquire an undivided five percent (5%) interest in the Property that is exercisable until December 31, 2025 (the "Property Option"); and (ii) issue 6,800,000 shares of EPR to Volt (the "Shares"). As consideration for the Property Option and the Shares, Volt has agreed to expend $680,000 on the Property (the "Exploration Expenditures") prior to December 31, 2024. Should Volt choose to exercise the Property Option, in addition to the Exploration Expenditures, Volt will be required to make a cash payment of $1,500,000 to EPR.
"Establishing this option agreement with E-Power Resources for the Tetepisca Graphite Project aligns well with Volt's strategy to increase its access to graphite resources. Our objective is to scale up and capitalize on our exclusive dry processing methods for the sustainable purification of graphite, specifically tailored for battery anode applications. We are excited about the prospects this collaboration brings, particularly within this geographic region, and reassert our commitment to advancing sustainable solutions in the energy storage and green energy sectors." - V-Bond Lee, CEO of Volt Carbon Technologies
