The company’s recently completed share purchase plan had raised $2.338 million – the additional funds from the top-up placement takes total funds raised to over $3.2 million.
Volt will use the funds to complete the Stage 1 feasibility study and accelerate exploration and drilling programs at its flagship Bunyu Graphite Project in Tanzania.
Meanwhile, the company continues to advance product offtake discussions with China National Building Materials General Machinery (CNBMGM) and Guangxing Electrical Materials (GEM).
Product samples were sent to both CNBMGM and GEM to enable independent testing on the Bunyu Graphite product.
Significantly, positive initial product feedback was received from CNBMGM and final results from the test work program are expected to be received in the coming weeks.
Volt recently engaged Exotix Capital to undertake a Tanzanian bond issue to raise up to US$30 million in structured debt to fund the Stage 1 development.
If successful, the proposed bond issue financing will ensure that project development funding will be undertaken with minimal equity dilution.