Mr. V-Bond Lee reports

VOLT CARBON TECHNOLOGIES ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$300,000 AND INCREASE IN PRIVATE PLACEMENT

Volt Carbon Technologies Inc. has closed the first tranche of the private placement announced on Nov. 19, 2024, by issuing an aggregate number of 10 million flow-through units (FT units) at a price of three cents per FT unit for gross proceeds of $300,000.

Each FT unit consists of one common share in the capital of the company issued on a flow-through basis within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share in the capital of the company at an exercise price of five cents per warrant share for a period of 24 months from the date of issuance.

In connection with the closing of the first tranche, Red Cloud Securities Inc., an arm's-length finder, was: (i) paid a cash finder's fee of $21,000; and (ii) issued 700,000 non-transferable finder's warrants at an exercise price of three cents. Each finder's warrant is exercisable for one common share in the capital of the company for a period of 24 months from the date of issue.

All securities issued pursuant to the closing of the first tranche are subject to a four-month-and-one-day hold period.

The company expects to close the second and final tranche of the offering on or before Dec. 17, 2024.

Increase in private placement offering

With reference to its prior news release dated Nov. 19, 2024, subject to the approval of the TSX Venture Exchange, Volt Carbon intends to increase the non-flow-through portion of the offering by two million units from up to four million to up to six million units at a price of 2.5 cents per unit, resulting in an increase of potential gross proceeds by $50,000 from up to $100,000 to up to $150,000. Each unit will consist of one common share and one-half of one warrant. Each whole warrant will entitle the holder thereof to purchase one common share at a price of five cents at any time for a period of 24 months from the date of issuance.

The company intends to use the net proceeds from the FT units for the exploration of the company's mineral interests in Quebec and the net proceeds from the units for general working capital purposes. The gross proceeds from the issuance of the FT shares will be used to incur resource exploration expenses which will constitute "Canadian exploration expenses" as defined in Subsection 66.1(6) of the Income Tax Act and "flow-through mining expenditures" as defined in Subsection 127(9) of the Income Tax Act, which will be renounced with an effective date no later than Dec. 31, 2024, to the purchasers of the FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares.

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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