Volt Resources has raised $4.7-million to support the fast-tracking development at its flagship Bunyu graphite project, in Tanzania.
“Volt is now strategically positioned to execute on a number of operational milestones as part of the stage 1 development of Bunyu, with near-term deliverables to include the finalisation of all project approvals and completion of the Stage 1 feasibility study,” said Trevor Matthews, Volt Chief Executive Officer.
The Stage 1 feasibility study is expected to be completed in the first quarter of 2018.
Volt aims to develop Bunyu Stage 1 to process 400 000 t/y of ore and produce a nominal 20 000 t/y of graphite products.
The company recently exercised 235.6-million listed options at $0.02, with the shortfall of 24-million options jointly underwritten and taken up by Empire Capital Partners and Cove Capital under an option underwriting agreement.