Volt Carbon Technologies Announces Shares for Debt Transaction
Rhea-AI Summary
Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) has announced a shares for debt transaction to settle outstanding debts totaling $347,842.91. The company will issue 17,392,145 common shares at $0.02 per share. This decision aims to preserve cash for ongoing operations.
The debt comprises $200,000 owed to an arm's length creditor and $147,842.91 in accrued management fees to a former director and the current President and CEO. The $100,000 settlement with the current CEO is considered a "related party transaction" but is exempt from minority approval and formal valuation requirements.
The transaction is subject to TSX Venture Exchange approval and a four-month hold period will apply to the issued shares.
Positive
- Preservation of cash for ongoing operations
- Settlement of $347,842.91 in outstanding debts
- Exemption from minority approval and formal valuation requirements for the related party transaction
Negative
- Issuance of 17,392,145 new shares, potentially diluting existing shareholders
- Related party transaction with current CEO, settling $100,000 in debt
News Market Reaction
On the day this news was published, TORVF gained 7.14%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Calgary, Alberta--(Newsfile Corp. - October 1, 2024) - Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) ("Volt Carbon" or the "Company") is pleased to announce that the Company has agreed to settle an outstanding debts in aggregate amount of
Closing of the Shares for Debt Transaction is subject customary closing conditions, including the prior approval of the TSX Venture Exchange. The Company intends to close the Shares for Debt Transaction as soon as practicable following receipt of the approval from the TSX Venture Exchange. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance.
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.
About Volt Carbon Technologies
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 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.com
Tel: (647-546-7049)
FORWARD-LOOKING STATEMENTS: This press release contains 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 statements include statements with respect to: (i) the receipt of the approval for the Shares for Debt Transaction from the TSX Venture Exchange; and (ii) the intended timing of the closing of the Shares for Debt Transaction. 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225204
FAQ
What is the total debt being settled by Volt Carbon Technologies (TORVF) in this transaction?
How many common shares will Volt Carbon Technologies (TORVF) issue in this debt settlement?
Is there a hold period for the shares issued in this debt settlement by Volt Carbon Technologies (TORVF)?
What approval is required for Volt Carbon Technologies (TORVF) to complete this shares for debt transaction?
