Sign up Australia
Proactive Investors - Run By Investors For Investors

Volt Resources attracts institutional investors in placement for Tanzanian graphite

The Bunyu Project is ideally located near to critical infrastructure.
Volt Resources attracts institutional investors in placement for Tanzanian graphite
Volt has increased its cash position

Volt Resources Ltd (ASX:VRC) has received strong demand from institutional investors in a $2 million raising priced at 2.3 cents.

Volt will allocate the new funds to repay a convertible loan facility, and for working capital requirements, as it progresses project approvals and financing programs in Tanzania.

The company is focused on the exploration and development of the wholly-owned Bunyu Graphite Project.

Asimwe Kabunga, chairman for Volt, commented:

"With the company now on the cusp of delivering a number of company making milestones including obtaining key project development approvals and securing development funding, the board believes it was timely to strengthen its near-term cash position.

"Further, we are pleased with the level of support for the capital raising by institutions and sophisticated investors and the company looks forward to providing further updates on key corporate and operational developments in the near-term."

READ: Volt Resources progresses towards securing graphite offtake agreements

Volt remains focused on completing the Stage 1 development of Bunyu within the next 12 to 15 months.

Bunyu is the largest JORC Resource deposit in Tanzania with 461 million tonnes at 4.9% total graphitic carbon (TGC).

This comprises a measured resource of 20 million tonnes at 5.3% TGC, a 155 million tonne indicated resource at 5% TGC and a 286 million tonne inferred resources at 4.9% TGC.

This provides 22.6 million tonnes of contained graphite.

View full VRC profile View Profile

Volt Resources Ltd Timeline

Related Articles

Photo of blue mineralisation at Thackaringa
April 09 2018
The market hasn’t fully appreciated the company’s strong market connection with JV partner Cobalt Blue Holdings Ltd.
aerial view of Challenger gold mine
March 27 2018
The company recently accessed a never-before mined area underground, Challenger Deeps.
Zinc Pill
April 05 2018
The name change will also mark the exit from Africa to focus solely on Europe

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use