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Volt Resources board members buy shares in rights issue which raises $1.2 million

The recently closed rights issue raised $1.21 million and will help advance the company’s flagship Bunyu Graphite Project in Tanzania.

Volt Resources Ltd - Volt Resources board members buy shares in rights issue which raises $1.2 million
Volt aims to issue and list debt on exchanges in Mauritius and Tanzania

Volt Resources Ltd (ASX:VRC) has had three of its board members purchase company shares as part of the recently closed rights issue.

Non-executive chairman Asimwe Kabunga purchased 13.15 million shares and non-executive directors Stephen Hunt and Giacomo Fazio purchased 1 million shares and 65,892 shares respectively.

The purchases increase Kabunga’s holding to 182.88 million shares, Hunt’s holding to 14.93 million shares, and Fazio’s holding to 0.91 million shares.

Issuing and listing debt to fund Stage 1 mine

Volt continues to progress approval to issue and list interest-bearing notes on the Stock Exchange of Mauritius (SEM)’s Development and Enterprise Market (DEM) in addition to the issue and listing of interest-bearing notes on the Dar es Salaam Stock Exchange (DSE) in Tanzania.

The notes will be used to raise the funds required to construct the Stage 1 mine, plant and infrastructure and bring the Bunyu Project into production.

Bunyu’s development is based on a two-stage plan which aims to see Volt become one of the three largest natural flake graphite producers in the world.

The Stage 1 feasibility study was based on a 400,000 tonnes per annum mining and processing operation to produce on average 23,700 tonnes of graphite products annually.

Quick facts: Volt Resources Ltd

Price: 0.021 AUD

ASX:VRC
Market: ASX
Market Cap: $39.88 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