Graphite exploration and development company Volt Resources Limited (VOLT) receives firm commitments to raise an additional $900,000 following their recently shared Share Purchase Plan (SPP).
Volt raised $2.338 million, and has in thus received firm commitments to raise an additional $900,000 via a Top‐up placement from sophisticated and professional investors.
Funds raised from the recently completed Share Purchase Plan and subsequent placement will be used to complete the feasibility study and associated activities for the Stage 1 Bunyu graphite project development and assist in accelerating exploration and drilling at the flagship Bunyu Graphite Project.
The SPP was underwritten by Patersons Securities Limited and received no shortfall due to strong take up. Patersons has further agreed to facilitate the placement through the issue of new shares at an issue price of 2.1 cents per share, the same price as the SPP.
Volt’s Chief Executive Officer, Trevor Matthews, expressed gratitude at the support that has been rendered by both shareholders and investors.
“We are very pleased with the strong support received from both existing shareholders and new investors during the SPP and subsequent placement, as it further supports Volt’s strategy to develop our world-class graphite deposit in Tanzania,” he said
He revealed that Volt now has the requisite funding flexibility to scale-up its exploration and drilling activities at the Bunyu Graphite Project, as it targets the completion of a feasibility study on the Stage 1 Development of Bunyu, which is expected to be delivered early next year.
“We are also actively progressing the recently announced Stage 1 funding process withExotix Capital for the development of Bunyu and look forward to providing further updates on this process and other funding discussions in due course,” Matthews concludes.