BULLETIN V2024-0833
VOLT CARBON TECHNOLOGIES INC. ("VCT")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: March 19, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation relating to an option agreement (the "Option Agreement") dated January 31, 2024 between the Company and an arm's length party ("Optionor"), for an option to acquire a 5% undivided interest in the Tetepisca Graphite Project, which is located in Northern Quebec (the "Property").
Under the terms of the Option Agreement, the Company will receive 6,600,000 shares of the Optionor and the Company will have expended $680,000 of exploration expenditures on the Property before December 31, 2024 and pay $1,500,000 cash payment by December 31, 2025 to earn a 5% interest in the Property.
If, after the Company exercises the Option Agreement, an arm's length third party presents a bona fide offer to purchase all or substantially all of the assets of the Optionor, to merge with the Optionor or complete another form of business combination with the Optionor (an "Optionor Takeover Transaction"), then the Optionor has the option to buy-back the Property ("Buy-back Option"). Should the Optionor exercise the Buy-back Option, the Optionor shall pay to the Company the greater of: (i) $1,800,000; or (ii) 5% of the consideration paid to the Optionor pursuant to the Optionor Takeover Transaction, in cash.
For further details, please refer to the Company's news release dated February 5, 2024 and March 19, 2024.
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