Mr. V-Bond Lee reports

VOLT CARBON TECHNOLOGIES ANNOUNCES CLOSING OF PRIVATE PLACEMENT FOR GROSS AGGREGATE PROCEEDS OF $338,081

With reference to its prior news releases dated April 9, 2024, and May 9, 2024, Volt Carbon Technologies Inc. has closed the final tranche of the private placement by issuing an aggregate number of 1,359,000 units at a price of seven cents per unit for gross proceeds of $95,130.

The company has raised a total aggregate amount of $338,081.10 by the issuance of 4,829,730 units at a price of seven cents per unit. A cash finder's fee in the amount of $1,120 was paid to EMD Financial Inc., which is arm's length to the company, in connection with the closing of the offering. The company intends to use the balance of the proceeds of the offering to pay outstanding payables and for working capital.

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 common shares issued under the offering will be subject to a four-month-and-one-day hold period from the date of issuance.

V-Bond Lee, Carmello 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 2,052,872 units as part 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 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 offering. The company considers this to be reasonable and necessary in the circumstances to allow the company to close the offering on an expedited basis for sound business reasons, including the company's need for general working capital.

V-Bond Lee, chief executive officer and president of the company, stated: "With most of this placement being non-brokered, we greatly appreciate the support of our existing shareholders and warmly welcome the new shareholders who participated in the offering. We will remain highly focused on the commercialization of our battery materials and energy storage systems."

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.

We seek Safe Harbor.