(TheNewswire)
Vancouver, B.C. - TheNewswire – October 12, 2021 ‐ Volatus Capital Corp. (CSE:VC) (CNSX:VC.CN) (the “Company” or “Volatus”) is pleased to announce that it has closed the second tranche of its non-brokered private placement announced on September 16, 2021 and September 22, 2021. The Company has raised an additional $400,000 through the issuance of 4,000,000 units at a price of $0.10 per unit. Each unit will consist of one flow through common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional non-flow through common share of the Company at a price of $0.12 for a term of five years expiring October 12, 2026. All securities issued are subject to a four month hold period expiring February 13, 2022. The proceeds from the sale of the units will be used for exploration on the Company’s projects in British Columbia.
Crest Resources Inc. (“Crest”) (CSE: CRES) acquired 3,800,000 units of the Company. As a result, it now owns 41.89% of the outstanding shares of the Company or 48.64% assuming exercise of all warrants held by Crest and is a “control person” as that term is defined under securities legislation.
Crest purchased the units for investment purposes. The Offering and the acceptance of the subscription by Crest was approved by unanimous resolution of the board of directors of the Company. There was no formal valuation of the Company done in connection with the Offering nor has there been such a formal valuation in the past 24 months. The Company relied upon the exemptions contained in Section 5.5(b) and 5.7(b) of Multilateral Instrument 61-101 (“MI 61-101”) to avoid the formal valuation and shareholder approval requirements of MI 61-101. For the purposes of Section 5.5(b), the Company does not have any securities listed on any of the stock exchanges set out in Section 5.5(b) and for the purposes of Section 5.7(b) the exemption was available as the consideration paid for the units subscribed for by Crest was less than $2,500,000.
About Volatus Capital Corp.
Volatus is focused on exploration and development of resources in gold and copper in the Toodoggone district of north-central British Columbia, as well as magnesite in South Australia and battery metals that have strong demand profiles in the growing green economy.
FOR FURTHER INFORMATION CONTACT:
Fred Tejada, PGeo
President & CEO Volatus Capital Corp.
Telephone: 778-819-2710
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