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Volt Resources has $1 million loan payment maturity date extended by two months

The debt facility restructure would reduce the total amount payable at maturity to US$664,894.

Loan building blocks
Volt is raising funds for stage I development of the Bunyu Graphite Project in Tanzania

Volt Resources Ltd (ASX:VRC) has been advised of a two-month extension to the maturity date of a loan facility with RiverFort Global Capital and Yorkville Advisors.

Revised terms see the maturity date extended to September 14, 2019.

The extension terms require an amount payable at execution of US$375,000, including an extension fee of US$39,894, with no interest charges for the extension period.

READ: Volt Resources adds project management experience to board

This payment would reduce the total amount payable at maturity to US$664,894 from US$1 million.

In addition, unlisted options to the value of $189,969.60 and with a 36-month maturity will be issued to the lenders.

The amount of options and the exercise price are yet to be calculated.

READ: Volt Resources advances funding pathways for Bunyu stage I development

Volt continues to simultaneously advance several funding strategies to secure the US$40 million required to complete the stage I development of the Bunyu Graphite Project in Tanzania.

Strategies being pursued include a note issue to be listed on the Dar es Salaam (DSE) in Tanzania and a similar Bond issue on the Stock Exchange of Mauritius (SEM).

Volt said that these initiatives continued to progress well.

READ: Volt Resources secures US$1 million to progress Bunyu stage I development funding process

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 the stage I development is to establish infrastructure and market position in support of the development of the significantly larger stage II expansion project.

Last year, the company completed a feasibility study into the stage I development.

Quick facts: Volt Resources Ltd

Price: 0.013 AUD

ASX:VRC
Market: ASX
Market Cap: $21.78 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

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