Mr. V-Bond Lee reports
VOLT CARBON TECHNOLOGIES ANNOUNCES REGULATORY APPROVAL OF ARM'S LENGTH OPTION AGREEMENT WITH E-POWER RESOURCES
Volt Carbon Technologies Inc., with reference to its news release dated Feb. 5, 2024, has received final approval from the TSX Venture Exchange for the arm's-length option agreement with E-Power Resources Inc. (EPR), pursuant to which Volt is to acquire an interest in EPR's Tetepisca graphite project, located in Northern Quebec.
Highlights of the option agreement
Under the terms of the agreement, EPR has agreed to: (i) grant Volt an option to acquire an undivided 5-per-cent interest in the property that is exercisable until Dec. 31, 2025; and (ii) issue 6.6 million shares of EPR to Volt. As consideration for the property option and the shares, Volt has agreed to expend $680,000 on the property (the exploration expenditures) prior to Dec. 31, 2024. Should Volt choose to exercise the property option, in addition to the exploration expenditures, Volt will be required to make a cash payment of $1.5-million to EPR.
If, after Volt exercises the property option, an arm's-length third party presents a bona fide offer to purchase all or substantially all of the assets of EPR, to merge with EPR or complete another form of business combination with EPR (an EPR takeover transaction), then EPR has the option to buy back the property option. Should EPR exercise the EPR option, EPR shall pay Volt the greater of: (i) $1.8-million; or (ii) 5 per cent of the consideration paid to EPR pursuant to the EPR takeover transaction, in cash.
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 in Canada.
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