Mr. V-Bond Lee reports

VOLT CARBON TECHNOLOGIES ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR GROSS AGGREGATE PROCEEDS OF $537,000 AND GRANTS OPTIONS TO EMPLOYEES

Volt Carbon Technologies Inc. has closed the final tranche of its private placement by issuing 912,500 units at a price of eight cents per unit for gross proceeds of $73,000.

The company has raised a total aggregate amount of $537,000 by the issuance of 6,712,500 units at a price of eight cents per unit. The company intends to use the proceeds of the offering to pay outstanding payables and for working capital. No finders' fees are payable in connection with the offering.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share in the capital of the company at an exercise price of 16 cents per warrant share for a period of 36 months from the date of issuance. All common shares issued under the offering will be subject to a four-month-and-one-day hold period from the date of issuance.

Two insiders of the company purchased or acquired direction and control over a total of 100,000 units under the offering. Such participation is considered a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the offering, as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves related parties, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101). A material change report was not filed at least 21 days before the closing of the offering, which the company considers to be reasonable and necessary in the circumstances for the following reasons: (i) the total amount invested by the applicable insiders was not settled until shortly prior to the closing of the offering; and (ii) to allow the company to close the offering on an expedited basis for sound business reasons, including the need to pay outstanding payables.

Grant of options

Pursuant to the company's stock option plan, Volt Carbon has granted an aggregate of 250,000 options to current employees and consultants of the company at an exercise price of eight cents per share. All options granted expire on June 11, 2028.

About Volt Carbon Technologies Inc.

Volt Carbon is a publicly traded carbon science company, with specific interests in energy storage and green-energy creation, with holdings in mining claims in the provinces of Ontario, Quebec and British Columbia, Canada.

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