Volt Carbon Technologies Announces Closing of Private Placement for Gross Aggregate Proceeds of $537,000 and Grants Options to Employees
13 Junio 2023 - 8:17AM
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THE UNITED STATES
Volt Carbon Technologies Inc. (“Volt Carbon” or
the “Company”) (TSX-V: VCT) (OTCQB: TORVF), with reference to its
prior news releases dated March 6, 2023 and March 8, 2023, is
pleased to announce that it has closed the final tranche of the
private placement by issuing an aggregate number of 912,500 units
(“Units”) at a price of $0.08 per Unit for gross proceeds of
$73,000.
The Company has raised a total aggregate amount
of $537,000 by the issuance of 6,712,500 Units at a price of $0.08
per Unit (the “Offering”). The Company intends to use the proceeds
of the Offering to pay outstanding payables and for working
capital. No finder’s fees are payable in connection with the
Offering.
Each Unit consists of one (1) common share in
the capital of the Company and one (1) common share purchase
warrant (each a “Warrant”). Each Warrant entitles the holder to
acquire one (1) additional common share in the capital of the
Company (each a “Warrant Share”) at an exercise price of $0.16 per
Warrant Share for a period of 36 months from the date of issuance.
All common shares issued under the Offering will be subject to a
four month and one day hold period from the date of issuance.
Two insiders of the Company purchased or
acquired direction and control over a total of 100,000 Units under
the Offering. Such participation is considered a related party
transaction within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions (“MI 61-101”). The Company
is relying on the exemptions from the formal valuation and minority
shareholder approval requirements of MI 61-101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related
party participation in the Offering as neither the fair market
value (as determined under MI 61-101) of the subject matter of, nor
the fair market value of the consideration for, the transaction,
insofar as it involves related parties, exceeds 25% of the
Company’s market capitalization (as determined under MI 61-101). A
material change report was not filed at least 21 days before the
closing of the Offering, which the Company considers to be
reasonable and necessary in the circumstances for the following
reasons: (i) the total amount invested by the applicable insiders
was not settled until shortly prior to the closing of the Offering;
and (ii) to allow the Company to close the Offering on an expedited
basis for sound business reasons including the need to pay
outstanding payables.
Grant of Options
Pursuant to the Company’s stock option plan,
Volt Carbon announces that it has granted an aggregate of 250,000
options to current employees and consultants of the Company at an
exercise price of $0.08. All options granted expire on June 11,
2028.
About Volt Carbon
TechnologiesVolt 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
Information Contact :Email:
info@voltcarbontech.comTel: (647-546-7049)
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 proceeds
of the Offering to pay outstanding payables and for working
capital.
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.
Volt Carbon Technologies (TSXV:VCT)
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