Montreal, Quebec–(Newsfile Corp. – March 25, 2024) – E-Power Resources Inc (CSE: EPR) (“E-Power” or the “Company”) is pleased to announce it has issued the first tranche of 1,600,000 shares to Volt Carbon Technologies Inc (“Volt Carbon”) as part of the option agreement announced on February 5, 2024.
The Company issued 1,600,000 shares to Volt Carbon on March 21, 2024. The shares are subject to a 4-month hold period. The Company will issue Volt Carbon another 2,500,000 shares when $340,000 is spent on exploration of the Tetepisca Property and a further 2,500,000 shares when the second $340,000 is spent on exploration of the Tetepisca Property. Volt Carbon has agreed to spend the full $680,000 during the 2024 calendar year. Spending the entire $680,000 on exploration of the Tetepisca Property, before December 31, 2024, will give Volt Carbon the right to acquire a 5% interest in the Tetepisca Property, on or before December 31, 2025, for a $1,500,000 cash payment.
The Exploration Committee established by the option agreement is looking forward to deploying the capital during the field season. Exploration and evaluation planned for 2024 at Tetepisca will include bulk sampling and metallurgical test work, diamond drilling to support resource delineation, and electromagnetic ground surveys over selected early-stage targets.
James Cross, President, and Chief Executive Officer of E-Power Resources said, “This capital provided by Volt Carbon represents an excellent head start on the financing of the 2024 field season. This is $680,000 we will not have to go to the capital markets to raise.”
Following the issuance of 1,600,000 shares to Volt Carbon, E-Power Resources has 36,021,258 shares outstanding.