Conditional approval has been received from the Dar es Salaam Stock Exchange PLC to list the notes on the exchange.
Most of these conditions relate to the provision of further information or points of clarification.
The key condition is approval of the note prospectus by the Tanzanian Capital Markets and Securities Authority (CMSA), which Volt expects to receive in the near future.
Conditional approval represents an important progression in the funding process.
Volt’s management and its advisors, Exotix Capital and Orbit Securities, have started an investor roadshow in Tanzania this week in advance of receiving prospectus approval.
The Mining Commission of the Ministry of Minerals of Tanzania recently issued two mining licences covering the respective stage I and stage II developments of the project.
Funds raised from the note issue will be used towards the stage I development.
A definitive feasibility study on the large-scale stage II expansion will be undertaken concurrently with the stage I development.