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.
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.”