Volt Carbon Technologies Announces Closing of First Tranche of Private Placement for Gross Proceeds of C$300,000 and Increase in Private Placement
Summary
Calgary, Alberta--(Newsfile Corp. - December 2, 2024) - Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) ("Volt Carbon" or the "Company"), is pleased to announce that it has closed the first tranche of the private placement (the "Offering") announced on November 19, 2024, by issuing an aggregate number of 10,000,000 flow through units ("FT Units") at a price of $0.03 per FT Unit for gross proceeds of C$300,000 (the "First Tranche").Each FT Unit consists of one (1) common share in the capital of the Company issued on a "flow-through share" within the meaning of the Income Tax Act (Canada) and one half of one (0.5) common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of C$0.05 at any time for a period of 24 months from the date of issuance.The Company intends to use the net proceeds from the FT Units for the exploration of the Companys Mineral Interests in Quebec and the net proceeds from the Units for general working capital purposes. The gross proceeds from the issuance of the FT Shares will be used to incur resource exploration expenses which will constitute "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act, which will be renounced with an effective date no later than December 31, 2024 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.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 Carbons properties and news please refer to the website 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 contains forward-looking statements, within the meaning of applicable securities legislation, concerning Volt Carbons business and affairs. 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.NOT FOR DISTRIBUTION TO UNITED STATESTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/232123