Volt Carbon Technologies closes oversubscribed private placement for C$349,000

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) completed the final closing of its oversubscribed non-brokered private placement financing, raising gross proceeds of C$349,000.

The company issued 13,960,000 units at C$0.025 per unit. Each unit consists of one common share and one warrant, with each warrant allowing the purchase of an additional common share at C$0.05 for 24 months from the date of issuance.

EMD Financial Inc., an arm's length finder, introduced subscribers for C$172,500 of the total proceeds. The company paid EMD a cash finder's fee of C$13,250 and issued 530,000 non-transferable finder's warrants, representing approximately 7.7 percent of the units placed by the finder. The finder's warrants are exercisable at C$0.05 per share for 24 months.

All securities from the offering are subject to a four-month and one-day statutory hold period under applicable securities laws. The closing remains subject to final approval from the TSX Venture Exchange.

Volt Carbon stated it intends to use the proceeds to support the scale-up of mobile separation, graphene and battery technologies at its Guelph plant, intellectual property development initiatives, and general working capital.

The company also granted 800,000 stock options to employees and contractors under its Stock Option Plan. Each option is exercisable at $0.05 per share for five years, vesting immediately upon grant, subject to TSX Venture Exchange approval.

Volt Carbon Technologies describes itself as a publicly traded carbon science company focused on energy storage and green energy creation, with mining claims in Ontario, Quebec and British Columbia.

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