Volt Carbon amends private placement pricing to C$0.025 per unit

CALGARY - Volt Carbon Technologies Inc. (TSXV:VCT) (OTCQB:TORVF), a micro-cap company with a market value of $4.76 million, has amended the pricing of its previously announced non-brokered private placement financing, according to a press release issued Wednesday. InvestingPro data shows the company faces significant liquidity challenges, with a current ratio of just 0.11.

The offering will now consist of up to 12 million units at a price of C$0.025 per unit for gross proceeds of up to C$300,000. Each unit will include one common share and one common share purchase warrant, with each warrant allowing the holder to purchase an additional common share at C$0.05 for 24 months from issuance. This financing comes as the company reported negative EBITDA of $0.57 million in the last twelve months.

The company stated the price adjustment reflects TSX Venture Exchange Policy 1.1, which prohibits further discounts when an issuer’s share price falls below C$0.025. The new pricing corresponds to the company’s market price at the time of its original announcement on October 17.

Proceeds will be used to pay outstanding payables, advance battery and mobile mineral separation technology, and for general working capital, according to the company.

No finder’s fees or commissions are anticipated in connection with the private placement. The company expects to close the offering within approximately 30 business days, subject to regulatory approvals including from the TSX Venture Exchange.

The company noted that no insiders intend to participate in the offering and no new control persons will be created as a result.

Volt Carbon Technologies 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. The stock has seen a challenging year with a -24.35% year-to-date return. InvestingPro subscribers have access to over 10 additional key insights about Volt Carbon’s financial health and market performance.

In other recent news, Volt Carbon Technologies Inc. has received a Notice of Allowance from the United States Patent and Trademark Office for its second U.S. patent application related to air classifier technology. This development expands the company’s protection for its proprietary graphite processing technology. Additionally, Volt Carbon has been active in raising capital through private placements. The company closed the final tranche of a private placement, securing $110,000, bringing the total raised to $210,000. This offering included 10.5 million units, each comprising one common share and one warrant. Furthermore, Volt Carbon received approval from the TSX Venture Exchange to increase the size of its private placement to $220,000, consisting of 11 million units. The first tranche of this placement had already raised C$100,000. These recent developments highlight Volt Carbon’s efforts to strengthen its financial position and intellectual property portfolio.

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