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Volt Resources lifting funds for feasibility study on Namangale graphite project

The raising will be partially underwritten by directors on the company.
Volt Resources lifting funds for feasibility study on Namangale graphite project
Volt recently signed its fifth offtake agreement

Volt Resources Ltd (ASX:VRC) has launched a Share Purchase Plan (SPP) to raise up to $1.5 million, with directors having the right to expand the raising if required.

Volt’s non-executive chairman, Asimwe Kabunga, and non-executive director, Matt Bull, have both agreed to sub-underwrite $300,000 each of the plan in the event of a shortfall.

Patersons is also providing an underwriting.

Shareholders can apply to up to $15,000 worth, with the price determined on a 20% discount to the volume weighted average price.

Volt remains focused on its Namangale graphite project in Tanzania.

Graphite from the project is suitable for a wide array of expandable graphite applications.

This enhances the scalability and commercial viability of the entire Namangale deposit as a primary expandable graphite supplier.

Trevor Matthews, chief executive officer, commented:

"It is important that the company continues to advance the Stage 1 development of the Namangale project which provides the platform for the Stage 2 expansion to follow.

"The support of Volt’s board members for the capital raising should be seen as a strong endorsement of the company’s plans and the potential of the Namangale project.

"The plan gives all Volt shareholders an opportunity to participate in this capital raising and contribute to the company and the Namangale project development."

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