Calgary, Alberta--(Newsfile Corp. - July 22, 2024) - Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) ("Volt Carbon" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement financing of up to 22,222,222 common shares in the capital of the Company issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) (each a "Flow-Through Share") at a price of $0.045 per Flow-Through Share for gross proceeds of up to $1,000,000 (the "Offering").
The Company intends to pay a cash finder's fee, to certain arm's length finders (each a "Finder"), equal to 7% of the gross proceeds raised under the Offering from purchasers introduced to the Company by each Finder. In addition, the Company intends to issue non-transferable warrants ("Finder Warrants") in the capital of the Corporation equal to 7% of the total number of Flow-Through Shares sold under the Offering. The Finder Warrants are exercisable by each Finder at a price of $0.045 for a period of twenty-four (24) months from closing of the Offering. As of this news release, the Company has only entered into a finder's agreement with Red Cloud Securities Inc.
The Company intends to use the net proceeds of the Offering to carry out exploration programs on mineral properties and to incur eligible Canadian Exploration Expenses that qualify as Canadian exploration expenses and "flow-through mining expenditures" for purposes of the Income Tax Act (Canada).
The Company anticipates closing the Offering within approximately 20 business days. All securities issued as part of the Offering shall be subject to a four month and one day hold period. No Insiders intend to participate in the placement and no new control persons will be created by the Offering. Closing of the Offering is subject to customary conditions and regulatory approvals including the approval of the TSX Venture Exchange.
About Volt Carbon Technologies
Volt Carbon is a publicly traded carbon science company, with specific interests in energy storage and green energy creation, with holdings in mining claims in the provinces of Ontario, Quebec and British Columbia in Canada. For the latest information on Volt Carbon's properties and news please refer to the website www.voltcarbontech.com.
On behalf of the Board of Directors,
Volt Carbon Technologies Inc.
V-Bond Lee, P. Eng.
CEO, President, Chairman of the Board and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Volt Carbon's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "intends" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such forward-looking statements include those with respect to: (i) the intention to complete the Offering; (ii) the intention compensate finders with a cash finder's fee and finder's warrants; (iii) the intention to use the net proceeds of the Offering to carry out exploration programs on mineral properties and to incur eligible Canadian Exploration Expenses that qualify as Canadian exploration expenses and "flow-through mining expenditures" for purposes of the Income Tax Act (Canada); the approval by the Exchange of the Offering; (iv) the anticipated closing of the Offering within approximately 20 business days; and (v) the approval of the Offering by the Exchange.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Volt Carbon assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities legislation.
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