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CALGARY - Volt Carbon Technologies Inc. (TSXV:VCT) (OTCQB:TORVF) announced Friday it has closed the final tranche of its private placement, raising $110,000 through the issuance of 5.5 million units priced at $0.02 per unit. The micro-cap company, currently valued at $2.82 million, faces significant financial challenges with a weak current ratio of 0.15, according to InvestingPro data.
The company has raised a total of $210,000 through the offering, which consisted of 10.5 million units. Each unit includes one common share and one common share purchase warrant, with each warrant allowing the holder to acquire an additional common share at $0.05 for 24 months from issuance.
According to the press release, Volt Carbon plans to use the proceeds to pay outstanding payables and for working capital to develop its patented 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 in accordance with applicable securities laws. The offering’s closing remains subject to regulatory approvals, including from the TSX Venture Exchange.
The company noted that no insiders participated in the offering and no new control persons were created.
Volt Carbon Technologies describes itself as a carbon science company with interests in energy storage and green energy creation. The company holds mining claims in Ontario, Quebec, and British Columbia.
In other recent news, Volt Carbon Technologies Inc. announced an increase in its non-brokered private placement to raise up to $220,000. The company received approval from the TSX Venture Exchange to issue 11 million units at $0.02 per unit. Each unit includes one common share and one common share purchase warrant. Additionally, Volt Carbon has successfully closed the first tranche of this private placement, raising C$100,000 through the issuance of 5 million units. Each warrant from this tranche allows the holder to purchase an additional common share at C$0.05 for 24 months from issuance. The securities issued in this tranche are subject to a holding period of four months and one day. These developments are part of Volt Carbon’s ongoing efforts to secure funding and expand its financial resources.
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