Month: July 2019

DEBT FACILITY RESTRUCTURE

DEBT FACILITY RESTRUCTURE

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) wishes to advise the maturity date for the loan facility with RiverFort Global Capital and Yorkville Advisors (see ASX announcements dated 22 January and 23 January 2019), has been extended by two months, from 14 July 2019 to 14 September 2019.

The terms of the extension require an amount payable at execution of US$375,000, comprising a loan repayment amount of US$335,106 which reduces the total amount payable at maturity to US$664,894 from US$1 million and an extension fee of US$39,894. There are no interest charges for the loan extension period.

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. The options will be issued under the Company’s available Listing Rule 7.1 placement capacity.

Development Funding Update

Volt continues to simultaneously advance several funding strategies to secure the US$40 million required to complete the Stage 1 development of the Bunyu Graphite Project in Tanzania.

Current 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”).

The Company is pleased to advise that these initiatives continue to progress well, and Volt looks forward to reporting the outcome of these initiatives in due course.

For and on behalf of Volt Resources Limited

Trevor Matthews
Chief Executive Officer


FOR PERSONAL USE ONLY
For further information please contact:

Trevor Matthews – Chief Executive Officer
Tel: +61 8 9486 7788

Posted by Volt Resources in Company News
VOLT BOARD TRANSITION

VOLT BOARD TRANSITION

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise that Mr Giacomo (Jack) Fazio has been appointed as a Non-Executive Director of the Company, replacing Mr Alwyn Vorster who has resigned as a Non-Executive Director.

Mr Vorster advised that his commitments as Managing Director of BCI Minerals Ltd require his exclusive attention for the foreseeable future. Mr Fazio is a highly experienced project, construction and contract/commercial management professional having held senior project management roles with Primero Group Limited, Laing O’Rourke and Forge Group Ltd.

His experience ranges from feasibility studies through to engineering, procurement, construction, and commissioning of diverse mining resources, infrastructure, oil & gas and energy projects.

Volt Chairman Asimwe Kabunga commented:

“On behalf of the Company I would like to thank Alwyn for his valuable contribution to Volt Resources during his three-year tenure on the Board. Alwyn contributed positively to the advancement of the Bunyu Graphite Project towards near-term production and we wish him well in the future.

“We are delighted to have Jack Fazio joining the Board, and his extensive project management, engineering and commissioning skills and experience will be a valuable addition to the team as we transition from the project studies and funding phase through to project development and the start of Stage 1 operations at Bunyu.”

For and on behalf of Volt Resources Limited

Trevor Matthews
Chief Executive Officer


FOR PERSONAL USE ONLY
For further information please contact:

Trevor Matthews – Chief Executive Officer
Tel: +61 8 9486 7788

Posted by Volt Resources in Company News