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Volt Carbon Technologies Announces Shares for Debt Transaction

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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.

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) ha annunciato un trasferimento di azioni per debito per soddisfare debiti non saldati per un totale di $347.842,91. L'azienda emetterà 17.392.145 azioni ordinarie a $0,02 per azione. Questa decisione mira a preservare la liquidità per le operazioni in corso.

Il debito consiste in $200.000 dovuti a un creditore terzo e $147.842,91 in compensi di gestione accumulati a un ex direttore e all'attuale Presidente e CEO. Il patto da $100.000 con l'attuale CEO è considerato una "transazione con parti correlate", ma è esente da approvazione da parte della minoranza e da requisiti di valutazione formale.

La transazione è soggetta all' e sarà applicato un periodo di blocco di quattro mesi sulle azioni emesse.

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) ha anunciado una transacción de acciones por deuda para saldar deudas pendientes que totalizan $347,842.91. La empresa emitirá 17,392,145 acciones comunes a $0.02 por acción. Esta decisión tiene como objetivo preservar el efectivo para las operaciones en curso.

La deuda incluye $200,000 adeudados a un acreedor independiente y $147,842.91 en tarifas de gestión acumuladas a un exdirector y al actual presidente y CEO. El acuerdo de $100,000 con el actual CEO se considera una "transacción con partes relacionadas", pero está exento de la aprobación de la minoría y de los requerimientos de valoración formal.

La transacción está sujeta a la aprobación del TSX Venture Exchange y se aplicará un período de retención de cuatro meses a las acciones emitidas.

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF)는 부채에 대한 주식 거래를 발표하여 총 $347,842.91의 미결제를 해결할 예정입니다. 회사는 17,392,145주 일반 주식주당 $0.02에 발행할 것입니다. 이 결정은 운영을 위한 현금을 보존하는 것을 목표로 합니다.

부채에는 독립적인 채권자에게 빚진 $200,000전 이사와 현재 CEO에게 누적된 경영 수수료 $147,842.91가 포함됩니다. 현재 CEO와의 $100,000 합의는 "연관 거래"로 간주되지만, 소수의 승인 및 공식 평가 요구사항에서 면제됩니다.

이 거래는 TSX 벤처 거래소의 승인을 조건으로 하며, 발행된 주식에는 4개월 보유 기간이 적용됩니다.

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) a annoncé une transaction d'actions pour dettes afin de régler des dettes en cours totalisant $347.842,91. La société émettra 17.392.145 actions ordinaires à $0,02 par action. Cette décision vise à préserver des liquidités pour les opérations en cours.

La dette comprend $200.000 dus à un créancier non lié et $147.842,91 en frais de gestion accumulés dus à un ancien directeur ainsi qu'au président-directeur général actuel. Le règlement de $100.000 avec le PDG actuel est considéré comme une "transaction avec des parties liées", mais est exempté de l'approbation des minoritaires et des exigences d'évaluation formelle.

La transaction est soumise à l'approbation de la Bourse de croissance TSX et un délai de blocage de quatre mois s'appliquera aux actions émises.

Volt Carbon Technologies Inc. (TSXV: VCT) (OTCQB: TORVF) hat eine Aktien-gegen-Schulden-Transaktion angekündigt, um ausstehende Schulden in Höhe von $347.842,91 zu begleichen. Das Unternehmen wird 17.392.145 Stammaktien zu $0,02 pro Aktie ausgeben. Diese Entscheidung zielt darauf ab, Bargeld für die laufenden Betriebe zu erhalten.

Die Schulden bestehen aus $200.000, die an einen unabhängigen Gläubiger geschuldet werden, und $147.842,91 an aufgelaufenen Verwaltungsgebühren an einen ehemaligen Direktor sowie den aktuellen Präsidenten und CEO. Die Einigung von $100.000 mit dem aktuellen CEO gilt als "Vertriebsgeschäft mit nahestehenden Personen", ist jedoch von der Genehmigung der Minderheit und den Anforderungen an formelle Bewertungen befreit.

Die Transaktion unterliegt der Genehmigung der TSX-Venture-Börse und es wird eine viermonatige Sperrfrist für die ausgegebenen Aktien gelten.

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

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 $347,842.91 (the "Debt") by issuing an aggregate of 17,392,145 common shares in the capital of the Company (the "Common Shares") at a price of $0.02 per Common Share (the "Shares for Debt Transaction"). The Board of Directors has determined it is in the best interests of the Company to settle the outstanding Debt by the issuance of the Common Shares in order to preserve the Company's cash for ongoing operations.

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$200,000 of the Debt is owed to one (1) arm's length creditor and $147,842.91 of the Debt represents accrued liabilities for management fees owing to a former director and officer of the Company and the current President and Chief Executive Officer. The debt settlement with the current President and Chief Executive Officer of the Company in the amount of $100,000.00 will be a "related party transaction" under Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The debt settlement with the President and Chief Executive Officer of the Company is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the shares to be issued in settlement of the debt, exceeds 25% of the Company's market capitalization.

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?

Volt Carbon Technologies is settling a total debt of $347,842.91 through this shares for debt transaction.

How many common shares will Volt Carbon Technologies (TORVF) issue in this debt settlement?

The company will issue 17,392,145 common shares at a price of $0.02 per share to settle the outstanding debt.

Is there a hold period for the shares issued in this debt settlement by Volt Carbon Technologies (TORVF)?

Yes, the common shares issued in this debt settlement will be subject to a hold period of four months and one day from the date of issuance.

What approval is required for Volt Carbon Technologies (TORVF) to complete this shares for debt transaction?

The shares for debt transaction is subject to the prior approval of the TSX Venture Exchange.

VOLT CARBON TECHNOLOGIES

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