VOLT CARBON TECHNOLOGIES ANNOUNCES DEBT ACTIONS
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES
Calgary, Alberta, Canada, Oct. 24, 2022 (GLOBE NEWSWIRE) — Volt Carbon Technologies Inc. (“Volt“or the”Company”) (TSX-V: VCT) is pleased to announce that the Company has agreed to settle an outstanding debt in the amount of US$188,464.25 (C$241,686.55) (the “Debt”) due to an arm’s length creditor by issuing a total of 2,843,371 ordinary shares in the capital of the Company (the “Common Shares”) at a price of $0.085 per common share (the “Actions for Debt Transaction”). The Board of Directors has determined that it is in the best interests of the Company to settle outstanding debt through the issuance of common shares in order to preserve the Company’s liquidity for day-to-day operations.
Closing of the equity-for-borrowing transaction is subject to customary closing conditions, including the prior approval of the TSX Venture Exchange. The Company intends to close the Share Purchase Transaction as soon as possible after receiving approval from the TSX Venture Exchange. The Common Shares to be issued pursuant to the Share Purchase Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issue.
On behalf of the Board of Directors
Volt Carbon Technologies Inc.
Dr. William Pfaffenberger, Chairman of the Board, CEO and President
Email: [email protected]
Tel: (250) 381-6181
Neither the 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.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, within the meaning of applicable securities laws, regarding the business and affairs of Volt. In some cases, forward-looking statements can be identified by the use of words such as ”plans”, ”expects” or ”does not expect”, ”intends” ” budget”, ”planned”, ”estimates”, ”plans”, ”intends”, ”anticipates” or variations of these words and expressions or declares that certain actions, events or results ”may”, ”could”, ”would”, ”might” or ”would”, ”occur” or ”would be achieved”.
These forward-looking statements are based on current data expectations, and are naturally subject to uncertainties and changes in circumstances which could cause actual results to differ materially. Although Volt believes that the expectations expressed in these forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. These statements include statements regarding🙁I) the receipt of the approval of the Debt Equity Transaction from the TSX Venture Exchange; and (ii) the expected time of closing of the Shares for the Debt Transaction. Forward-looking statements involve significant risks and uncertainties, should not be construed as guarantees of future performance or results, and will not necessarily be precise 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. These forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking information is provided as of the date of this press release, and Volt undertakes no obligation to update or revise it to reflect new events or circumstances, except as required by applicable securities laws.