Volt Carbon Technologies closes $210,000 private placement

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) announced it closed a private placement raising $210,000 through the issuance of 10.5 million units at $0.02 per unit.

The company completed the final tranche by issuing 5.5 million units for gross proceeds of $110,000. Each unit consists of one common share and one warrant, with each warrant allowing the holder to purchase an additional share at $0.05 for 24 months from the date of issuance.

The Calgary-based company stated it intends to use the proceeds to pay outstanding payables and for working capital to develop its mineral extraction equipment. No finder's fees were paid in connection with the offering.

The securities issued are subject to a four-month-plus-one-day hold period under applicable securities laws. The closing remains subject to regulatory approvals including from the TSX Venture Exchange.

No insiders participated in the offering and no new control persons were created, according to the company's statement. Volt Carbon describes itself as a carbon science company with interests in energy storage and green energy creation, holding mining claims in Ontario, Quebec and British Columbia.

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