Mr. V-Bond Lee reports

VOLT CARBON TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $242,951

Volt Carbon Technologies Inc. has closed the first tranche of the private placement announced on April 9, 2024, by issuing an aggregate number of 3,470,730 units at a price of seven cents per unit for gross proceeds of $242,951 (the first tranche).

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 12 cents per warrant share for a period of 36 months from the date of issuance. All securities issued under the first tranche will be subject to a four-month-and-one-day hold period.

V-Bond Lee, Carmelo Marrelli and Glen Nursey, each of whom is an insider of the company, purchased or acquired direction and control, directly or indirectly, over a total of 1,572,872 units as part of the first tranche of the offering. The purchase of the insider units by the insiders 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 has relied 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 the participation by the insiders in the first tranche of the offering as the fair market value the insider units does not exceed 25 per cent of the company's market capitalization. A material change report was not filed at least 21 days before the closing of the first tranche. The company considers this to be reasonable and necessary in the circumstances to allow the company to close the first tranche on an expedited basis for sound business reasons, including the company's need for general working capital.

The company expects to close the second tranche of the offering on or before May 10, 2024.

A cash finder's fee in the amount of $1,120 was paid to EMD Financial Inc., who is arm's-length to the company, in connection with the closing of the first tranche.

Mr. Lee, chief executive officer and president of the company, expressed satisfaction with the prompt completion of the initial tranche, "With the majority of this segment being non-brokered, it allows the company to allocate the maximum funds towards our efforts aimed at commercializing products in the battery and graphite facilities."

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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