On October 1, 2024, Volt Carbon Technologies Inc. announced it has reached an agreement to settle outstanding debts totaling $347,842.91 by issuing 17,392,145 common shares at a price of $0.02 per share. The decision to settle the debt in this manner was made by the Board of Directors to ensure the company maintains its cash reserves for ongoing operations.
Of the total debt, $200,000 is owed to an arm’s length creditor, while $147,842.91 represents accrued liabilities for management fees owed to a former director and officer of the Company and the current President and Chief Executive Officer. The settlement with the current President and Chief Executive Officer for $100,000.00 is considered a related party transaction and meets the exemptions of Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101.
The closing of the debt settlement transaction is subject to customary closing conditions, including approval from the TSX Venture Exchange. The Common Shares issued as part of this transaction will be subject to a hold period of four months and one day from the date of issuance.
Volt Carbon Technologies is a publicly traded carbon science company specializing in energy storage and green energy creation, with mining claims in Ontario, Quebec, and British Columbia, Canada. For more information about Volt Carbon’s properties and news, visit their website at www.voltcarbontech.com.
This press release contains forward-looking statements regarding Volt Carbon’s business and affairs, but actual results may vary due to various factors. Readers are advised not to rely solely on these forward-looking statements, and Volt Carbon assumes no obligation to update or revise them, except as required by applicable securities legislation.
To access the original source of this press release, visit https://www.newsfilecorp.com/release/225204.
