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Volt Resources expects approval “in the near future” for Tanzanian Note Issue

The company aims to raise US$40 million to help fund the stage I development of its graphite project.

Tanzanian flag superimposed on clenched hands
The Bunyu Graphite Project is in the east African nation of Tanzania

Volt Resources Ltd (ASX:VRC) is confident of receiving approval “in the near future” for its Tanzanian Note Issue to raise approximately US$40 million to advance the Bunyu Graphite Project.

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.

READ: Volt Resources receives two vital licences for Bunyu Graphite Project

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.

READ: Volt Resources granted mining licences for Bunyu Graphite Project in Tanzania

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.

Quick facts: Volt Resources Ltd

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ASX:VRC
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Market Cap: $20.87 m
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Volt Resources strives to be leading natural flake graphite producer

Volt Resources Ltd (ASX:VRC) CEO Trevor Matthews details progress and aspirations for the Bunyu Graphite Project in Tanzania, as demand and supply for the commodity shifts, sending up prices. Speaking about a potential note issue on the Dar es Salaam Stock Exchange, Matthews says, "we're...

on 18/4/18

2 min read