Volt Carbon arranges $700,000 private placement
2022-10-24 11:59 ET - News Release
Mr. William Pfaffenberger reports
VOLT CARBON TECHNOLOGIES ANNOUNCES $700,000 PRIVATE PLACEMENT
Volt Carbon Technologies Inc. has entered into an engagement letter with Sixty Two Capital Pty. Ltd. pursuant to which the company intends to complete a non-brokered private placement of 10 million common shares in the capital of the company at a price of seven cents per share for gross aggregate proceeds of $700,000. The shares will be subject to a four-month-and-one-day hold period. The company anticipates closing the offering as soon as Oct. 31.
In consideration for acting as the finder, the company will pay Sixty Two Capital a cash fee equal to 8 per cent of the aggregate gross proceeds from purchasers of shares sourced by the finder.
The company intends to use the proceeds of the offering to pay outstanding payables, purchase additional testing equipment, evaluate and potentially option additional mineral claims, and for working capital. Although the company intends to use the proceeds of the offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.
Closing of the offering is subject to customary conditions and regulatory approvals including the approval of the TSX Venture Exchange. The company intends to close the offering as soon as practicable.
Sixty Two Capital is an Australian-based investment and corporate advisory group with a focus on the growth and financing of emerging companies within the mining, technology and life science sectors.
About Volt Carbon Technologies Inc.
Volt Carbon is a publicly traded carbon science company, with specific interests in energy storage and green energy creation/recreation, with holdings in graphite mining claims in the province of Quebec, Canada.
We seek Safe Harbor.
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