Tuesday , April 16 2024

Volt Resources raise funds for Bunyu project in Tanzania

Graphite producer and battery materials developer Volt Resources recently raised $1.632M capital to advance integrated graphite battery materials strategy, including the development of downstream graphite anode business, and progress the Bunyu Project, Tanzania, and Zavalievsky Graphite business.

The capital raising consists of a placement to raise $1.132M via the issue of 161,714,286 new ordinary fully paid shares to existing and new institutional and sophisticated investors, and a share purchase plan (SPP) to existing eligible shareholders in Australia and New Zealand to raise up to $500,000.

“We are pleased with the vote of confidence from current and new institutional and sophisticated investors in the Placement.

We are also pleased to provide eligible shareholders the opportunity to participate in the capital raising via the SPP.  The funds raised will be allocated diligently,” said Prashant Chintawar, Volt’s Chief Executive Officer and Managing Director.

Chintawar said Volt’s strategy of becoming a leading integrated graphite battery materials producer received further validation with the news from China that it would move to curb exports of graphite.

“Given China currently dominates graphite production and refining, this move will likely place a focus and a premium on ex-China sources of graphite, putting companies with an integrated solution such as Volt into the spotlight. We thank shareholders for their support and believe that their confidence will be rewarded.”

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