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Volt Resources Limited (ASX: VRC) is a graphite exploration and development company focused on the exploration and development of its Bunyu Graphite Project (wholly-owned) in Tanzania, with an ideal location near to critical infrastructure such as a network of sealed roads through the project and access to the deep-water port of Mtwara.
Progress Update on Funding Initiatives
Recently, on 27 December 2019, Volt Resources announced that Volt Graphite Tanzania Plc’s application for the listing of Notes has been approved by the Stock Exchange of Mauritius (SEM) listing committee. Accordingly, the company will be able to execute a private placement of Notes to be listed on SEM’s Development and Enterprise Market (DEM). The approval would enable the company and its advisors to finalise planning for VGT’s Note Issue roadshow and fund raising to commence in Q1 2020.
In addition, the company also informed that it continues to record gradual progress concerning VGT’s proposed Tanzanian Note issue and listing on the Dar es Salaam Stock Exchange (DSE). The recent discussions and further planned meetings with senior Tanzanian Government officials on matters to be agreed prior to a Note Issue approval has provided some confidence in the process and Volt Resources is looking forward to providing further updates to the market in due course.
The Bunyu Graphite Project is being developed in two stages as suggested by the Pre-Feasibility Study (PFS) completed in December 2016. Volt Resources has been primarily focussed on finalising the targeted funding of USD 40 million including USD 31.8 million of development cost and USD 3.5 million for resettlement compensation for Stage 1. Exotix Capital, appointed in October 2018, has been the funding advisor to Volt ever since helping in conducting discussions with North America and Asia-based institutions to access a much larger pool of investors.
Stock Information: Volt Resources has a market capitalisation of around $ 18.43 million with ~ 1.68 billion shares outstanding. On 27 December 2019, the VRC stock settled the day’s trade at $ 0.011 with ~ 4.68 million shares traded, after touching a high of $ 0.012 (up ~9%) midday.
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