$TORVF gets $700,000 Private Placement!
Volt Carbon Technologies Inc. (“Volt” or the “Company”) (TSX-V: VCT & OTCQB:TORVF) is pleased to announce that is has entered into an Engagement Letter with Sixty Two Capital Pty Ltd. (“Sixty Two Capital” or the “Finder”) pursuant to which the Company intends to complete a non-brokered private placement of 10,000,000 common shares in the capital of the Company (each, a “Share”) at a price of $0.07 per Share for gross aggregate proceeds of CDN$700,000 (the “Offering”). The Shares will be subject to a four month and one day hold period. The Company anticipates closing the Offering as soon as October 31.
In consideration for acting as the finder, the Company will pay Sixty Two Capital a cash fee equal to 8% of the aggregate gross proceeds from purchasers of Shares sourced by the Finder.
The Company intends to use the proceeds of the Offering to pay outstanding payables, purchase additional testing equipment, evaluate and potentially option additional mineral claims and for working capital. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.
Closing of the Offering is subject to customary conditions and regulatory approvals including the approval of the TSX Venture Exchange (the “Exchange”). The Company intends to close the Offering as soon as practicable.
Sixty Two Capital is an Australian-based investment and corporate advisory group with a focus on the growth and funding of emerging companies within the mining, technology and life science sectors.
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