This approval completes a key phase of the funding process with the company now awaiting final approval from the Tanzanian Capital Markets and Securities Authority to proceed with the offer.
Volt remains confident of receiving this approval in the near-term.
Funds raised from the issue will be put towards stage I development of the Bunyu Graphite Project in southeast Tanzania.
A definitive feasibility study on the large-scale stage II expansion will be undertaken concurrently with stage I development.
The company has received key development approvals covering both stages.
Stage I development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700 tonnes of graphite products.
A key objective of this stage is to establish infrastructure and market position in support of the development of the significantly larger stage II expansion project.
Bunyu project is near critical infrastructure with sealed roads running through the project area and ready access to the deepwater port of Mtwara, 140 kilometres away.