B.C. Green Battery Minerals Inc. has announced that the Company has entered into an option agreement with Volt Carbon Technologies Inc. enabling Volt Carbon to acquire a 5% interest in the Berkwood Graphite Project (“Berkwood”) by funding $150,000 in exploration before December 31, 2024 and making a one-time cash payment of $1,500,000 on or before December 31, 2025.
Tom Yingling, President and CEO of Green commented: “We are pleased to continue working with Volt Carbon technologies. We first announced working with Volt on May 16th, 2023 See news release May 16th, 2023 “Green Battery Minerals Strengthen ESG Credentials through Successful Air Separation Test of Its Graphite.” Since that announcement Volt has informed Green Battery that they have created lithium-ion batteries with materials from the Berkwood graphite project using Volt’s proprietary graphite processing technology. Volt has informed Green Battery that they have been able to do so without needing any water, chemicals, or reagents, to produce significantly greener, cleaner, and more environmentally friendly batteries. Auto manufacturers and battery producers are looking for a clean North American-based supply chain of battery minerals. One of the primary uses for graphite is that it is used as the anode material in lithium-ion batteries.
Currently, there is only one producing graphite mine in North America. Numerous more graphite mines will be needed to keep up with the Electric Vehicle (EV) demand that is forecasted. The current mineral resource at Green Batteries Berkwood Graphite Project includes in-pit constrained resource totalling 1,755,300 tonnes of indicated resources at 17.00 % Cgr and 1,526,400 tonnes in inferred resources at 16.39 % Cgr. With plans to expand this current mineral resource Green Battery hopes to help satisfy some of that demand.”
About the Berkwood Property Option Agreement
Under the terms of the agreement signed June 10th, 2024, Green will grant Volt an option to acquire a 5% interest in the Berkwood Graphite Project. Volt has agreed to spend $150,000 on exploring the Berkwood Graphite Project before December 31, 2024. As part of the agreement, Green will issue Volt 4,000,000 shares of the Company in tranches as certain milestones are met and all shares to be issued will be issued with a four month plus one day hold period. To exercise the option to acquire 5% of the Berkwood Graphite Project, Volt will be required to make a cash payment to Green of $1,500,000 on or before December 31, 2025. This 5% interest can be repurchased from Volt for a payment of $1,800,000 at any time.
The terms of the agreement remains subject to the approval of the TSX Venture Exchange, including the issuance of the common shares. Any shares to be issue will be issued with the required 4 month plus one day hold period.