Calgary, Alberta--(Newsfile Corp. - September 23, 2024) - Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) ("Volt Carbon" or the "Company") with reference to its prior news releases dated July 22, 2024, July 30, 2024 and August 13, 2024 is pleased to announce that the Company closed the final tranche of the private placement by issuing 1,111,112 units ("Units") at a price of $0.045 per Unit for gross proceeds of $50,000.04.
In total, the Company has raised an aggregate amount of $250,025.04 through the issuance of 5,556,112 Units at a price of $0.045 per Unit. Each Unit consists of one common share in the capital of the Company, issued on a flow-through basis pursuant to the provisions of the Income Tax Act (Canada) (each, a "Flow-Through Share"), at a price of $0.045 per Flow-Through Share. All securities issued as part of the Offering are subject to a four-month-and-one-day hold period.
In connection with the initial tranche of the Offering, (i) a cash finder's fee in the amount of $14,001.75 and (ii) 311,150 non-transferable finder warrants (together the "Finder Warrants" and each a "Finder Warrant"), are to be paid to Red Cloud Securities Inc. (the "Finder"), who is arm's length to the Company. Each Finder Warrant will entitle the Finder to purchase one (1) common share (each a "Finder's Warrant Share") at an exercise price of $0.05 per Finder's Warrant Share for a period of 24 months from closing. The Private Placement remains subject to the final approval of the TSX Venture Exchange.
The Company will use the net proceeds of the Offering to incur qualifying "Canadian exploration expenses" as such term is defined in the Income Tax Act (Canada).
About Volt Carbon Technologies
Volt Carbon Technologies Inc. is a publicly traded company focused on advancing carbon science, with a strong emphasis on energy storage solutions and green energy innovation. The company holds strategic mining claims across Ontario, Quebec, and British Columbia, Canada. Volt Carbon operates a state-of-the-art battery fabrication facility in Guelph, Ontario, and a dedicated Carbon Research Facility in Scarborough, Ontario. For the latest updates on the company's projects and developments, please visit our website at www.voltcarbontech.com.
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 may contain 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 the Company's intention to use the net proceeds of the Offeringto incur qualifying "Canadian exploration expenses" as such term is defined in the Income Tax Act (Canada).
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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