Volatus Capital Corp.: Closes First Tranche of Private Placement
Vancouver, August 26, 2021 - Volatus Capital Corp. (CSE:VC) (CNSX:VC.CN) (the "Company" or "Volatus") is pleased to announce that it has closed the first tranche of its non-brokered private placement announced on July 19, 2021 (the "Offering"). The Company raised a total of $750,000 through the issuance of 6,250,000 flow through shares (the "FT Shares") at a price of $0.12 per FT Share. The FT Shares issued are subject to a four month hold period expiring December 26, 2021. The proceeds from the sale of the FT Shares will be used for exploration on the Company's projects in British Columbia.
Crest Resources Inc. ("Crest") (CSE: CRES) was the sole subscriber in the first tranche acquiring 6,250,000 FT Shares of the Company. As a result, it now owns 33.50% of the outstanding shares of the Company and is a "control person" as that term is defined under securities legislation.
Crest purchased the FT Shares 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 FT Shares 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: 778-819-2709
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