viewVolt Resources Ltd

Volt Resources extends closing date of US$30 million Mauritian Note Offer to June 30

The company hopes to raise the funds to help execute stage-1 development at the Bunyu Graphite Project in Tanzania.

Volt Resources Ltd - Volt Resources extends closing date of Mauritian Note Offer to June 30
Stage one will produce on average 23,700 tonnes per annum of natural flake graphite product at up to 96% total graphite content

Volt Resources Ltd (ASX:VRC) has extended the closing date of its Mauritian Note Offer to raise up to US$30 million to June 30, 2020.

The offer, which opened on January 27, is now expected to have its first day of trading on the Stock Exchange of Mauritius DEM on July 6, 2020.

Funds are intended to be used to help develop the company's flake graphite project in Tanzania.

Volt’s wholly-owned subsidiary Volt Graphite Tanzania Plc is aiming to raise US$15 million through the issue of senior notes with a greenshoe option of up to US$15 million to raise a total of US$30 million by way of private placing on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius.

Additional time

Due to the recent and widespread impact of the COVID-19 pandemic on financial markets and the associated delays as institutions and investment groups change their work arrangements leading to delays in conducting due diligence and the deferral of investment decisions, the company is providing potential investors with additional time to complete these processes.

Several alternative funding proposals were also presented to Volt as result of the engagement with numerous investment groups as part of the note offer marketing process and these are being progressed in parallel with the note offer process.

Bunyu Graphite Project test work

The company is encouraged by positive results from the first stage of a test work program on ore from the Bunyu Graphite Project in Tanzania.

The test program was undertaken by respected technical group American Energy Technologies Co, which is headquartered in Chicago, Illinois.

Results have demonstrated that there is scope to improve sales revenue from Bunyu products, with initial results showing a large increase in the percentage of high price (+30# and +50#) graphite flake as well as a reduction in the lower-priced graphite flake.

Managing director Trevor Matthews said: “We are delighted with these initial test-work results, which is further confirmation to the previous test-work programs during the PFS and FS stages of project study and development that Bunyu’s flake distribution is suitable for supply to traditional markets and for use in new high demand applications such as battery anode end-use markets.

“Given these results, there is an opportunity to make improvements to the project economics outlined in the Stage 1 Feasibility Study for Bunyu.”

Quick facts: Volt Resources Ltd

Price: 0.02 AUD

Market: ASX
Market Cap: $37.98 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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