Volt Carbon Technologies Inc. (OTC:TORVF) Stock In Focus After Recent News
The festive season may be almost upon us, but the stock market continues to be a place of frenzied trading every day. This morning, investors will be looking into many companies that hit the newswires last Friday, and one of the companies in focus could be Volt Carbon Technologies Inc. (OTC:TORVF).
The company announced on December 15 that it planned to complete a private placement of 12,000,000 flow-through units for a price of $0.09 each. Volt Carbon Technologies noted that it would generate gross proceeds to the tune of $1,080,000. Each unit that would be on offer would comprise a solitary common share in Volt Carbon Technologies issued on a flow-through basis as per the rules of the Tax Act and half of a common share purchase warrant. The holder of a whole warrant would entitle its holder to pick up an additional common share in the company for the exercise price of $0.135 for a period of 24 months from the date of issuance.
In the news release, it was further noted that Volt Carbon Technologies intended to pay a finder’s fee. One element of the finder’s fee would be a cash commission to the tune of 9% of the total gross proceeds from subscribers for units sold as a result of the finder’s efforts.
The other element of the finder’s fee would comprise a specific number of warrants that would be equivalent to 9% of the number of units sold to the subscribers brought in thanks to the finder’s efforts. It was also noted that the financing would be closed in around 7 business days. All the securities that would be issued as part of the offering would be subject to a hold period of four months and a day. It remains to be seen if the Volt Carbon Technologies stock comes into focus this week or not.
