Company News

UPDATE ON MAURITIAN NOTE OFFER PROCESS

UPDATE ON MAURITIAN NOTE OFFER PROCESS

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) wishes to advise that the closing date of the Company’s Mauritian Note Offer (“Note Offer”) has been extended to allow investors sufficient time to finalise their due diligence and investment approval processes.

The Note Offer opened on January 27 and is now planned to close by 24 April 2020. The first day of trading of the Notes on the Stock Exchange of Mauritius DEM is expected to be 30 April 2020.

As previously advised (see ASX release dated 28 January 2020), Volt’s wholly owned subsidiary Volt Graphite Tanzania Plc (“VGT”), is aiming to raise US$15,000,000 through the issue of Senior Notes – with a greenshoe option of up to US$15,000,000 – to raise a total of US$30,000,000 by way of private placing on the Development and Enterprise Market (“DEM”) of the Stock Exchange of Mauritius (“SEM”).

Following an extensive three-week roadshow arranged by Alphier Capital, which included meeting with investors in Mauritius, Kenya, South Africa and the Middle East, interested groups are now completing due diligence prior to making a final investment decision.

A number of alternative funding proposals were also presented to the Company during the roadshow and these are currently being progressed in parallel with the completion of the Note Offer process.

Volt’s Chief Executive Officer, Trevor Matthews, commented:

“We are pleased with the positive feedback received to date from potential investors and given this is the first offer of securities by a mining company on the Mauritian Stock Exchange we are happy to extend the Note Offer period to provide more time for investors to assess the opportunity and complete their investment decision making processes.

“I look forward to providing further updates in the near-term as our funding alternatives are advanced.”

This announcement is authorised for release by Volt’s Chief Executive Officer, Trevor Matthews.

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
QUARTERLY ACTIVITIES REPORT TO DECEMBER 31 2019

QUARTERLY ACTIVITIES REPORT TO DECEMBER 31 2019

Highlights:

  • Stock Exchange of Mauritius approves Volt’s Note Listing on the Development and Enterprise Market
  • Successful Non-Renounceable Rights Issue raises A$1.25 million
  • Binding offtake agreement with Tianshengda extended by mutual agreement

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or, the “Company”) is pleased to report on the Company’s activities for the quarter ended December 31, 2019.

December Quarter Activities Overview

Bunyu Stage 1 Development Funding Update

During the quarter, the Company and its advisors Alphier Capital (“Alphier” and formerly Exotix Capital) made significant progress with respect to the Stock Exchange of Mauritius (“SEM”) Note Issue and listing, which is a key component of its funding strategy to raise US$40 million for the Stage 1 development of Bunyu Graphite Project.

As previously advised, Volt’s 100% owned Tanzanian subsidiary Volt Graphite Tanzania Plc (“VGT”) is undertaking a private placement of Notes that will be listed on the Development and Enterprise Market (“DEM”) of the SEM. The Note offer is seeking to raise US$15,000,000 through the issue of Senior Notes – with a greenshoe option of up to US$15,000,000 – to raise up to US$30,000,000.

In December, VGT’s application for the listing of Notes was approved by the Stock Exchange of Mauritius listing executive committee.

With the approval finalised, at quarter end the Company and its advisors commenced planning for VGT’s Note Issue roadshow. Subsequent to the quarter end, the Note Offer opened on 27 January 2020 with Volt’s CEO, Trevor Matthews, and Alphier Capital Managing Partner, Andrew Moorfield, commencing the Note Offer roadshow investor meetings.

The Mauritian Note offer is planned to close 20 February 2020. The first day of trading of the Notes on the Stock Exchange of Mauritius DEM is scheduled for Wednesday, 26 February 2020.

While the DEM Note Offer is currently the Stage 1 development funding priority, during the quarter the Company continued to progress discussions with government officials regarding VGT’s proposed Tanzanian Note issue and listing on the Dar es Salaam Stock Exchange. Further, other development funding discussions and project due diligence processes continue with North America, Middle East and African based institutions via Alphier Capital.

Non-Renounceable Rights Issue Raises A$1.25m

During the quarter, the Company undertook a 1 for 12.9 non-renounceable Rights Issue (Rights Issue) of ordinary shares, which closed in December, raising A$1.251 million following the underwriting and placement of all shortfall shares (see ASX Announcement dated 17 December 2019). Subsequent to the reporting date, (see ASX Announcement dated 7 January 2020), Volt received a further $638,055 from the issue of 63,805,449 shares following the underwriting and placement of the shortfall shares. Volt’s Chairman, Asimwe Kabunga, strongly supported the capital raising, contributing in excess of $0.5 million of the total amount raised. Funds raised will be used to progress the DEM listed Note issue, discussions with other development funding sources and for general corporate and working capital.

Binding Offtake Agreement Extended

The binding sales agreement (“Agreement”) between VGT and Qingdao Tianshengda Graphite Co. Ltd. (“Tianshengda”) for 9,000 tonnes per annum of Bunyu Graphite Product over five years was executed on 1 August 2018.

The Agreement is conditional upon VGT confirming that it has completed the construction and commissioning of the Stage 1 Project for mine development and upon completion of the processing plant for the treatment of sufficient ore from the Project within defined milestone dates. The milestone dates were due to expire in the coming quarter.

The Company and Tianshengda recently executed an amendment to the Agreement extending these milestone dates by a further 2 years. This is a strong show of support and confidence by our offtake partner, Tianshengda, and reflects not only the quality of Volt’s graphite products but the expected strong increase in flake graphite demand in coming years from EV and grid energy storage, flame retardant building materials and other new industrial applications.

The Tianshangda Offtake Agreement is one of two binding offtake agreements entered into by VGT and there is a further offtake agreement in draft that is to be executed once development funding is obtained. The combined offtake quantities under the existing and planned offtake agreements has completed the sale of product forecast to be available from Stage 1 production.

Tianshengda is an integrated graphite processor and distributor across China and internationally. Based in Laiki City, Shangdong Province, Tianshengda has a substantial annual capacity to further process graphite by producing value added products including expandable graphite, flake graphite and powder, as well as supplying graphite to the lithium ion battery market.

Cash Position and Mid-Term Funding

The Company finished the 31 December 2019 quarter with $120k in cash and subsequent to the quarter end received a further $638,055. While the Company progresses its Mauritian Note Issue to raise funds for the Stage 1 development, the Company is reviewing proposals to raise a smaller amount of funds for corporate and working capital purposes following the completion of its Mauritian Note Issue and other development funding discussions.

Management Commentary

Volt Resources CEO Trevor Matthews said:

“The overarching focus this quarter was advancing the Company’s development funding initiatives, and the approval from the Stock Exchange of Mauritius represents a significant step towards securing Stage 1 funding.

“With VGT’s application for the listing of Notes approved and the Note offer open, the Company and its advisors are now proceeding with VGT’s Note Issue roadshow.

“Furthermore, the $1.25 million secured via the completed Rights Issue provides the Company with the funding required to progress the Companies development funding initiatives. “The milestones achieved this quarter have heightened the Company’s confidence that this funding process is nearing a conclusion, and we look forward to providing further updates in due course.”

This announcement is authorised for release by Volt’s Chief Executive Officer, Trevor Matthews.

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
MAURITIAN FUNDING PROCESS COMMENCES

MAURITIAN FUNDING PROCESS COMMENCES

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise that its Mauritian funding process is now underway, with the Company’s Note Offer officially opening Monday 27 January 2020.

Volt’s 100%-owned subsidiary, Volt Graphite Tanzania Plc (VGT), is progressing with the raising of US$15,000,000 through the issue of Senior Notes – with a greenshoe option of up to US$15,000,000 – to raise up to US$30,000,000 by way of private placing on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius (SEM).

The Mauritian Note offer is planned to close 20 February 2020. The first day of trading of the Notes on the Stock Exchange of Mauritius DEM is scheduled for Wednesday, 26 February 2020.

The Company and its advisor, Alphier Capital (formerly Exotix Capital) along with local brokers, commenced investor meetings from 27 January 2020 as part of a roadshow to market the Notes to sophisticated investors.

The purpose of issuing the Notes and listing on the DEM is to provide funds to enable the Company to:

(a) commence the development of the Stage 1 Bunyu Graphite Project in Southern Tanzania including the construction of a 400,000tpa concentration plant and associated infrastructure; and

(b) fund the resettlement costs of people currently farming and/or living within the project development area.

Volt’s Chief Executive Officer, Trevor Matthews, commented:

“We are pleased to move quickly following listing approval for this Mauritian Note issue, and our advisers have worked hard to establish a solid network of potential investors.

“As we have previously noted, Volt has generated significant interest as the first resources company to undertake a Note Issuance on the SEM, and we are now focused on advancing this funding process in the near-term.

“The Mauritian Stock Exchange offers strong access to a broad pool of investors spanning Mauritius, Europe, the Middle East, North America and Africa, and we look forward to closely working with these investors over the next couple of weeks.

Key terms and conditions of the Note Issue are as follows:

Issuer Volt Graphite Tanzania Plc
Nature of Instruments Senior Notes
Tenor 5 Years
Date of Issue 25 February 2020
Interest Rate 9.5%
Interest Payment Date Semi-annual in arrears on 14 April and 14 October each year
First day of trading 26 February 2020
Note Issue Price US$1.00
Registrar, calculation and transfer agent NMB Bank Plc
Ohio/Ali Hassan Mwinyi Road
PO Box 9213
Dar es Salaam
Tanzania
Noteholders’ Representative GFin Corporate Services Ltd
Level 6, GFin Tower
42 Hotel Street
Cybercity
Ebene 72201
Mauritius
Security Interest The Notes are senior to all outstanding obligations at the time of issue, including shareholder equity and are not subordinated to any other debt. The Notes are not secured but shall be the senior debt of the Issuer
Minimum subscription: The minimum amount to be raised is USD6,000,000. Should the Company not raise this minimum amount the Company shall withdraw its application to list the Securities on the DEM and shall refund all collected monies to Subscribing Investors.

This announcement is authorised for release by Volt’s Chief Executive Officer, Trevor Matthews.

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
RIGHTS ISSUE FUNDING COMPLETED

RIGHTS ISSUE FUNDING COMPLETED

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise that it has successfully raised the target amount of A$1.251 million following the underwriting and placement of all shortfall shares from the recently closed Rights Issue (see ASX Announcement dated 17 December 2019).

The Company has received a further $638,055 from the issue of 63,805,449 shares following the underwriting and placement of the shortfall shares.

Funds raised will be used to progress the recently approved Stock Exchange of Mauritius (SEM) listed Note issue, continuation of the process to obtain approvals for the Dar es Salaam Stock Exchange (DSE) Note Issue and for general corporate and working capital.

Volt’s Board extends its thanks to all participating shareholders and investors for their support.

Volt Receives SEM Approval for Note Listing

As previously advised, Volt Graphite Tanzania Plc (“VGT”) is undertaking a private placement of Notes that will be listed on the Development and Enterprise Market (“DEM”) of the SEM.

On 27 December 2019, the SEM listing committee approved the listing of VGT’s Notes on the DEM, which allows the Company and its advisors to finalise planning for VGT’s Note Issue roadshow and commence the Note offer process.

The Note Offer is scheduled to commence in Q1 2020 with further details of the Offer to be made available in the near future.

This announcement is authorised for release by Volt’s Chief Executive Officer, Trevor Matthews.

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 RECEIVES SEM APPROVAL FOR NOTE LISTING

VOLT RECEIVES SEM APPROVAL FOR NOTE LISTING

  • Stock Exchange of Mauritius (SEM) approves Volt’s Note Listing on the Development and Enterprise Market (DEM)
  • SEM investor roadshow and fund raising to commence in Q1 2020 – funding to be deployed towards Stage 1 development of Bunyu Graphite Project
  • Volt continues to advance Dar es Salaam (DSE) Note Issue and Listing with ongoing discussions being held with Tanzanian Government Officials

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise that Volt Graphite Tanzania Plc’s (“VGT”) application for the listing of Notes has been approved by the Stock Exchange of Mauritius (“SEM”) listing committee.

VGT is undertaking a private placement of Notes that will be listed on the Development and Enterprise Market (“DEM”) of the SEM. This approval allows the Company and its advisors to finalise planning for VGT’s Note Issue roadshow. Further details on the approved Admission Document (Prospectus) and Note Issue details will be announced in the near future.

The Company can also report that progress continues to be made in respect to VGT’s proposed Tanzanian Note issue and listing on the Dar es Salaam Stock Exchange (“DSE”). Albeit that progress has been slow, recent discussions and further planned meetings with senior Tanzanian Government officials on matters to be agreed prior to a Note Issue approval provide some confidence in the process and the Company looks forward to providing further updates in due course.

Volt’s Chief Executive Officer, Trevor Matthews, commented:

“With the green light now received from the SEM we are looking forward to finalising our Note Issue roadshow planning and the commencement of the fund raising process. During this listing approval process we have worked closely with our advisors to establish a solid network of potential investors having generated significant interest as the first resources company to undertake a Note Issuance on the SEM.

“The Mauritian Stock Exchange offers strong access to a broad pool of investors spanning Mauritius, Europe, the Middle East and North America and I look forward to providing shareholders with further updates as this initial round of fund raising gets underway.”

This announcement is authorised for release by Volt’s Chief Executive Officer, Trevor Matthews.

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
RESULTS OF RIGHTS ISSUE

RESULTS OF RIGHTS ISSUE

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (Volt or the Company) advises that its 1 for 12.9 non-renounceable Rights Issue (Rights Issue) closed on 13 December 2019.

Volt advises that it raised $612,907 under the Rights Issue. Volt received acceptances in respect of 61,290,723 shares. The number of shares offered under the Rights Issue was 125,096,172 shares resulting in a shortfall of 63,805,449 shares (Shortfall Shares).

The Rights Issue is underwritten to the amount of $600,000 (60,000,000 new shares) by Kabunga Holdings Pty Ltd (Underwriter), a company controlled by Volt’s Chairman, Mr Asimwe Kabunga. The Company will be issuing a notice to the Underwriter specifying the number of Shortfall Shares following which the Underwriter will make application for the Shortfall Shares up to the underwritten amount.

Following receipt of the payment for the underwritten amount of the Shortfall Shares, the Company will have raised $1,212,907 from the Rights Issue. The new shares under the Rights Issue are expected to be issued on 17 December 2019, with trading to commence on Wednesday 18 December 2019.

The Directors have reserved the right to place any or all of the remaining 3,805,449 Shortfall Shares within 3 months of the closing date of the Rights Issue. The Directors wish to thank all participating shareholders and investors for their support.

This announcement is authorised for release by Volt’s Chief Executive Officer, Trevor Matthews

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
NON-RENOUNCEABLE RIGHTS ISSUE TO RAISE UP TO $1.25M

NON-RENOUNCEABLE RIGHTS ISSUE TO RAISE UP TO $1.25M

  • Offer on basis of 1 New Share for every 12.9 Shares held at an issue price of $0.01 (1.0 cent)
  • Chairman Asimwe Kabunga to underwrite up to $600,000 of any shortfall from the Rights Issue
  • Funds raised will be used to progress approvals for Dar es Salaam (DSE) and the Stock Exchange of Mauritius (SEM) listed debt note issues and for general corporate and working capital

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to advise that it will be undertaking a 1 for 12.9 non-renounceable Rights Issue (Rights Issue) of ordinary shares to raise up to $1.250 million (before costs).

Under the Rights Issue, eligible Shareholders will be entitled to apply for 1 new ordinary fully paid share (New Share) for every 12.9 ordinary shares held as at 5.00pm (EDST) on Friday 22 November 2019, being the record date for the Rights Issue. The offer price of $0.01 (1.0 cent) represents a 23% discount to the last closing price of the Company’s shares on ASX on 18 November 2019, and a 24.5% discount to 5-day VWAP price up until that date.

Volt’s Chairman Mr Asimwe Kabunga, via Kabunga Holdings Pty Ltd, has agreed to underwrite up to $600,000 of any shortfall from the Rights Issue.

New Shares not taken up by eligible Shareholders will become available under a Shortfall facility (Oversubscriptions Facility). Eligible Shareholders who subscribe for their entitlement in full may apply for additional New Shares under the Oversubscriptions Facility.

The Directors of the Company that are eligible intend to participate in the Rights Issue.

Funds raised from the Rights Issue will be used to advance the approvals process of the respective Dar es Salaam (DSE) and the Stock Exchange of Mauritius (SEM) listed note issues (see ASX release dated 24 October 2019), to meet existing payable obligations and for general corporate and working capital purposes.

In addition, the Company will be reviewing its Australian based structure and activities to reduce expenditure, particularly whilst the Stage 1 Bunyu Project development funding activities are in progress.

To assist the Company to meet its working capital requirements whilst the Rights Issue is completed, the Company has secured $100,000 in short term working capital funding from the Company’s Chairman and CEO ($50,000 from each of Mr Kabunga and Mr Matthews) on an unsecured, arm’s length commercial terms basis, with such moneys being repayable on or before 31 December 2019.

Further details on the Rights Issue (including the Oversubscriptions Facility and how Eligible Shareholders can apply for their entitlement) will be provided in the Entitlement Offer Booklet and sent to Eligible Shareholders in accordance with the dates provided in the below Indicative Timetable.

Indicative Rights Issue Timetable

Announcement of the Rights Issue 19 November 2019
Record Date to determine Rights 5.00pm (EDST) on Friday 22 November 2019
Offer Document and Entitlement and Acceptance Form dispatched
Opening date of the Rights Issue
Tuesday 26 November 2019
Closing Date – last date for lodgement of Entitlement and Acceptance Forms and Application Money 5.00pm (EDST) on Wednesday 11 December 2019
Trading of New Shares commences on a deferred settlement basis Thursday 12 December 2019
ASX notified of shortfall Thursday 12 December 2019
Allotment of New Shares Friday 13 December 2019
Normal trading of New Shares expected to commence on ASX Monday 16 December 2019
Despatch of holding statements for the New Shares Monday 16 December 2019

Subject to the Corporations Act and Listing Rules, the Company reserves the right to vary the timetable without prior notice, including by extending the Closing Date, closing the Rights Issue early, accepting late Applications or by withdrawing the Rights Issue. The Company also reserves the right not to proceed with the whole or part of the Rights Issue at any time prior to allotment. In that event, Application Money will be returned without interest

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
FUNDING UPDATE ON SEM AND DSE NOTE OFFERS AND LISTINGS

FUNDING UPDATE ON SEM AND DSE NOTE OFFERS AND LISTINGS

Highlights

  • Volt currently pursuing Note Issues and listings on both Dar es Salaam Stock Exchange (DSE) and the Stock Exchange of Mauritius (SEM) to secure the US$40 million for the Stage 1 development of Bunyu Graphite Project
  • Final Note Issue approvals for both Tanzania and Mauritius are well advanced with positive discussions being held with regulators in both jurisdictions
  • Interview with CEO Trevor Matthews on funding progress and graphite market conditions now available

Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to provide an update on recent progress made in relation to funding strategies for the Stage 1 Development of the Company’s Bunyu Graphite Project in Tanzania.

As previously advised (see ASX release 10 September 2019), the prospectus for Volt Graphite Tanzania Plc’s (“VGT”) proposed Stock Exchange of Mauritius (“SEM”) Note Issue and listing has been lodged with the regulator and is continuing to advance towards approval. Positive feedback from SEM officials indicates that VGT’s prospectus is nearing its final approval with some minor delays incurred due to the high level of recent IPO activity on the exchange combined with Volt being the first resource company to seek a Note issue to be listed on the stock exchange.

The SEM is an active and rapidly growing capital market in the African region with over 200 listed companies and a total market capitalisation of ~US$12 billion, with listed companies having raised over US$6.5 billion to fund growth.

VGT’s application is for a Note Listing on the Development & Enterprise Market of the SEM and once approved will allow the Company to quickly commence its funding raising process with SEM investors.

In respect to the Company’s Tanzanian Note Issue and listing on the Dar es Salaam Stock Exchange (“DSE”), Volt can report that Company advisors met with senior officials of the Tanzanian Ministry of Minerals earlier this week to discuss key details and support for VGT’s proposed Note Issue. This meeting was held in addition to other processes of engagement with senior government officials. The Company is encouraged by the ongoing level of engagement with key officials in Tanzania and remains confident of receiving final approval to issue the Note prospectus and list the issued Notes on the DSE.

Interview with CEO

Volt is pleased to provide investors with an opportunity to listen to an interview with Chief Executive Officer Trevor Matthews on Investor Stream. The interview provides an update on the funding strategy progress and current graphite market conditions.

The audio interview is available here : Investor Stream Episode 66

Graphite Market Conditions

Volt notes recent market commentary in relation to graphite market conditions and in particular those affecting the Chinese graphite market.

Volt CEO Trevor Matthews provided the following commentary:

“Volt’s Board and management team note the recent commentary and market reports on specific sections of the graphite market, and we would like to advise our shareholders that we remain comfortable with Volt’s market position and the planned graphite products.

“Like all industrial minerals, graphite products are sold under bilateral offtake agreements between the producer and end-user and following recent dialogue with our offtake partners we are very confident that demand for Bunyu graphite products remains robust.

“Based on market research and our own due diligence, we have noted a softening in pricing for fine flake graphite material impacted by significant new supply and some slowing in demand from the battery sector, however coarse flake graphite prices have remained relatively stable. Overall, we see the long-term outlook for graphite demand and pricing as very positive.

“With over half of Volt’s planned graphite production being of coarse size, the Company is well placed to benefit from high average sales prices per tonne of product.”

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
CEO INTERVIEW WITH INVESTOR STREAM : EPISODE 66

CEO INTERVIEW WITH INVESTOR STREAM : EPISODE 66

Volt Resources CEO Trevor Matthews joins InvestorStream for an update on the status of the Company’s proposed exchange listings in both Mauritius and Tanzania.

Trevor also provides his take on factors impacting the graphite market and discusses the feedback he’s received from his sources within the market.

Click the Play Button on the top left corner to listen to the interview

Posted by Volt Resources in Company News
PROSPECTUS LODGED FOR APPROVAL OF MAURITIAN NOTE ISSUE

PROSPECTUS LODGED FOR APPROVAL OF MAURITIAN NOTE ISSUE

Highlights

  • Volt pursuing SEM Note Issue and listing as part of its funding strategy to raise US$40 million for the Stage 1 development of Bunyu Graphite Project
  • SEM Note Issue to be undertaken in parallel with Tanzanian Note Issue which continues to progress with final approvals currently being sought
  • Approvals for SEM Note Issue expected to take approximately 4 weeks – providing an expedited pathway to securing development funding
  • Riverfort / Yorkville debt facility now fully repaid

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to advise that the draft prospectus for the Company’s 100% owned subsidiary, Volt Graphite Tanzania Plc’s (VGT) proposed Stock Exchange of Mauritius (“SEM”) Note Issue and listing has now been lodged for approval.

Volt expects the timeframe for a prospectus to be approved by the SEM (which is the sole regulator) is approximately 4 weeks. The SEM Note Issue and listing does not require Tanzanian Government approval, allowing VGT to issue the SEM prospectus and commence the fund-raising process immediately following receipt of approval. Further details of the Note Issue terms and conditions will be provided once SEM approval is received.

Discussions with the relevant government authorities in Tanzania are progressing in respect to finalising the approval for VGT’s Tanzanian Note Issue and listing of the Notes on the Dar es Salaam Stock Exchange. Recent discussions have indicated that VGT’s approval process has advanced in terms of priority and the Company will provide further updates on this process in due course.

In addition, VGT continues to undertake discussions with African banks and North American institutional funds in support of its Stage 1 funding strategy. It is expected that these discussions will further develop once final approvals are received and funding progresses with the respective Tanzanian and Mauritian Note Issues.

The Company is also pleased to advise that the outstanding loan notes due to Riverfort Global Capital (“Riverfort”) and Yorkville Advisors (“Yorkville”) have now been fully repaid following the receipt of funds from the recently completed Share Purchase Plan (“SPP”) and Top-up Placement (refer ASX release dated 21 August 2019).

The SPP was well supported by Volt’s shareholders, eligible directors and CEO Trevor Matthews who all took up their maximum allocation, and the Company remains firmly focused on finalising development funding and commencing work on the Stage 1 development of Bunyu as quickly as possible.

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