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
VOLT RAISES $1.65 MILLION VIA SHARE PURCHASE PLAN AND TOP UP PLACEMENT

VOLT RAISES $1.65 MILLION VIA SHARE PURCHASE PLAN AND TOP UP PLACEMENT

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to advise that the Company’s Share Purchase Plan (SPP or Plan) has closed oversubscribed raising a total of $1,299,000.

In addition to the SPP, a further $350,000 has been raised via a top-up placement of new shares to sophisticated and professional investors at the same issue price as the SPP (Placement), taking the total amount raised to $1,649,000. Volt’s Chairman Asimwe Kabunga supported the Placement investing $100,000. Shareholder approval for Mr Kabunga’s participation in the Placement will be sought at Volt’s next shareholder general meeting.

Patersons Securities acted as the Lead Manager and Underwriter to the SPP and Lead Manager to the Placement.

Volt’s Chief Executive Officer Trevor Matthews commented,

“We are very pleased by the level of support received during the SPP and the subsequent top-up placement and I would like to thank existing shareholders for their ongoing support and welcome new investors to Volt’s register.

“Importantly, this funding allows the Company to reduce its short-term debt and to advance its development funding initiatives that, once executed, will very quickly see work on the Stage 1 development of our Bunyu Project get underway.

“We remain committed to securing our Stage 1 development capital in the near-term and I look forward to providing further updates to shareholders in due course.”

Funds raised under the SPP and Placement will be used to repay the outstanding loan notes due to Riverfort Global Capital and Yorkville Advisors due 14 September 2019 (refer ASX announcement Monday, 15 July 2019) and for general working capital and corporate purposes.

The SPP and Placement new shares (New Shares) will be issued this Friday 23 August 2019. The New Shares will be issued at a 20% discount to the volume weighted average price traded on the ASX for the period Friday 16 August to Thursday 22 August 2019.

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 & CASHFLOW REPORTS

QUARTERLY ACTIVITIES & CASHFLOW REPORTS

Highlights:

  • Development funding options including the Tanzanian Note Issue approval advancing to secure US$40 million for the Stage 1 development of the Bunyu Graphite Project
  • US$1 million in funding secured from a European based high net worth investor
  • Riverfort/Yorkville debt facility restructured with maturity date extended to 14 September 2019
  • Mr Giacomo (Jack) Fazio appointed Non-Executive Director

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 30 June 2019.

June Quarter Activities Overview

US$40 million Tanzanian Note Issue Update
The Company and its advisor, Exotix Capital, continued to progress the planned Tanzanian Note Issue and listing of the Notes on the Dar es Salaam Stock Exchange (DSE). Volt advanced a number of development funding strategies in parallel which include providing Volt with the options of a Bond Issue and listing on the Stock Exchange of Mauritius (“SEM”) and private bond investment.

During and post quarter end, ongoing in-country discussions and meetings between Volt’s management team and the Tanzanian Government continued to take place, and the Company is confident that the approval process for the Note Issue is nearing the final stages.

Positive progress was also made in respect to the Company’s proposed Bond Issue and listing on the SEM, with a draft prospectus in the final stages of preparation and post quarter end an additional experts report being prepared to meet the information and disclosure requirements of the SEM. Further, discussions and project due diligence processes continue with North America, African and Asia-based institutions via Exotix Capital.

Project Engineering and Construction Contract negotiations with a recognised engineering services firm for the role of Project Management Contractor (PMC) continued with the development of final contract terms and conditions. The contract is planned to be executed by the parties in the near future to coincide with development funding nearing completion.

Tanzanian Mining Exhibition
The CEO and Volt Graphite Tanzania management attended a mining exhibition in the parliament grounds in Tanzania’s capital, Dodoma, over a two day period on May 26 and 27. The exhibition coincided with the Ministry for Minerals annual budget speech to the National Assembly. It provided an opportunity for the Company to present the Company’s Bunyu project and explain graphite mining and processing, product markets and project development activities to the Speaker of the House and members of parliament.

CEO Trevor Matthews welcoming the Speaker of the Tanzanian National Assembly Hon. Job Ndugai to the Volt booth during the Mining Exhibition at the Parliament grounds in Dodoma
(L to R) Volt CEO Trevor Matthews, Community Relations Manager Peter Dodi, Corporate Affairs Manager Godwin Nyelo and guest.

US$1 Million Corporate Funding Secured
In June, the Company secured US$1 million in working capital funding from Mr Lars Bader via the placement of 20,845,714 shares at 2.1c per share raising US$300,000, an 18-month loan facility for US$700,000 and 25,536,000 options with an exercise price of $0.04 per share with an 18- month maturity.

The funding provides flexibility to finalise the Tanzanian Note Offer approval as part of the Bunyu Stage 1 development funding process and assists with the corporate debt restructuring. The support from Mr Bader demonstrates the long-term underlying value in Volt’s Bunyu Project.

The Company also announced during the quarter financial support from two directors, with Mr Kabunga and Mr Hunt advancing $100,000 in short term working capital funding on an unsecured, arm’s length commercial term basis repayable on or before 15 July 2019.

Debt Facility Restructure
Subsequent to the reporting date, the Company advised the maturity date for the loan facility with RiverFort Global Capital and Yorkville Advisors (see ASX announcements dated 22 January and 23 January 2019) had 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

Board Changes
Post-quarter end, the Company appointed Mr Giacomo (Jack) Fazio as Non-Executive Director, following the resignation of Mr Alwyn Vorster. 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, infrastructure, oil & gas and energy projects.

Change of Registered Office
The Company changed its registered office and principal place of business to Level 25, Suite 10 108 St Georges Terrace Perth WA 6000. Volt’s postal address has also changed to the above address. The Company’s telephone number remains unchanged as +61 (0)8 9486 7788.

Management Commentary
Volt Resources CEO Trevor Matthews said:

“We continue to drive the opportunity to progress bond issues in both Tanzania and Mauritius, which will provide Volt with important funding optionality and access to a larger pool of investors to raise the US$40 million needed to complete the Stage 1 development program at Bunyu.

“While we acknowledge that the process has taken longer than originally forecast, it should be noted that Volt is the first mining company to pursue a DSE and Mauritian debt issue and listing and we are now nearing the final stages of the approval processes in both jurisdictions which is very encouraging.

“With recent progress on corporate funding and the development funding process nearing a conclusion, Volt is very excited to be turning its focus towards the development of this world-class project.”

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 SHARE PURCHASE PLAN OFFER

VOLT SHARE PURCHASE PLAN OFFER

As announced on 22 July 2019, Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to offer its existing eligible shareholders the opportunity to participate in Volt’s Share Purchase Plan (SPP or Plan).

A copy of the Volt Share Purchase Plan offer booklet has been dispatched to all eligible shareholders today. The SPP will be underwritten to $1.1 million by Patersons Securities Limited (Patersons) which is acting as Lead Manager and Underwriter to the SPP.

Under the Plan, eligible shareholders may apply to purchase up to $15,000 worth of new fully paid ordinary shares in the Company (New Shares) without paying brokerage or other transaction costs. Participation in the Plan is open to all holders of Volt shares as at 5.00pm (AWST) on Friday 19 July 2019 (Record Date) with a registered address in Australia or New Zealand (Eligible Shareholder).

The New Shares will be issued at a 20% discount to the volume weighted average price traded on the ASX during the 5 days immediately prior to the issue date of the New Shares. Under the Plan, Eligible Shareholders will be able to purchase parcels of New Shares valued at $1,000, $2,500, $5,000, $7,500, $10,000 or $15,000.

New shares under the SPP will rank equally with existing Volt shares. The Directors of the Company who are Eligible Shareholders on the Record Date intend to participate in the SPP. Full details and the terms and conditions of the SPP are included in the Share Purchase Plan offer document attached to this announcement.

The SPP indicative timetable is below and the Company may, at its discretion, vary any of the above dates (other than the Record Date) by making an announcement to ASX:

Record Date 5.00pm (WST) on Friday, 19 July 2019
Announcement Date Monday, 22 July 2019
Offer Documents mailed to Eligible Shareholders Tuesday, 23 July 2019
Offer opens Tuesday, 23 July 2019
Offer closes 5.00pm (WST) Friday, 16 August 2019
Issue price announced to ASX After close of market on Thursday, 22 August 2019
Allotment Date Friday, 23 August 2019
Shortfall and Top-up Placement (if any) settled Friday, 23 August 2019
Despatch of holding statements/ confirmation advices for New Shares Monday, 26 August 2019
Commencement of trading of Shares Monday, 26 August 2019

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 RESOURCES LAUNCHES UNDERWRITTEN SHARE PURCHASE PLAN

VOLT RESOURCES LAUNCHES UNDERWRITTEN SHARE PURCHASE PLAN

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to offer its existing eligible shareholders the opportunity to participate in Volt’s Share Purchase Plan (SPP or Plan).

The SPP will be underwritten to $1.1 million by Patersons Securities Limited (Patersons) which is acting as Lead Manager and Underwriter to the SPP.

Under the Plan, eligible shareholders may apply to purchase up to $15,000 worth of new fully paid ordinary shares in the Company (New Shares) without paying brokerage or other transaction costs. Participation in the Plan is open to all holders of Volt shares as at 5.00pm (AWST) on Friday 16 August 2019 (Record Date) with a registered address in Australia or New Zealand (Eligible Shareholder).

The New Shares will be issued at a 20% discount to the volume weighted average price traded on the ASX during the 5 days immediately prior to the issue date of the New Shares in accordance with ASX Listing Rules.

Details of the Share Purchase Plan

Under the Plan, Eligible Shareholders will be able to purchase parcels of New Shares valued at $1,000, $2,500, $5,000, $7,500, $10,000 or $15,000. An SPP Offer Booklet with further details on the SPP will be despatched to Eligible Shareholders on 23 July 2019. New shares under the SPP will rank equally with existing Volt shares.

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

Additionally, the Company has agreed that Patersons may facilitate an offer of New Shares to sophisticated and professional investors (Top-Up Placement) at the same issue price as under the Plan which, if conducted, will utilise the Company’s available Listing Rule 7.1 placement capacity to raise a further circa $1.1 million (before costs). The Company will update shareholders in due course on whether the Top Up Placement will proceed.

Funds raised under the SPP and Top-Up Placement (if conducted) will be used to repay the outstanding loan notes due to Riverfort Global Capital (Riverfort) and Yorkville Advisors (Yorkville) due 14 September 2019 (refer ASX announcement Monday, 15 July 2019) and for general working capital and corporate purposes.

In addition, the Company has reached agreement with Riverfort and Yorkville whereby the issue of unlisted options to the value of $189,969.60 under the Debt Facility Restructure will be cancelled in exchange for the payment of US$31,193.

An indicative timetable for the SPP is below. Other than the Record Date, the Company may change these dates and times at its discretion and without notice.

Record Date for Share Purchase Plan Friday 19 July 2019
Announce Share Purchase Plan Monday 22 July 2019
Despatch Share Purchase Plan booklet to shareholders and release Offer Letter on the ASX Tuesday 23 July 2019
Opening date for Share Purchase Plan Tuesday 23 July 2019
Closing date for Share Purchase Plan 5.00pm (AWST) on Friday 16 August 2019
Lodge Appendix 3B, Issue of new Shares under the Share Purchase Plan, Cleansing Notice Friday 23 August 2019
Quotation on ASX of new Shares under the Share Purchase Plan Monday 26 August 2019

Volt CEO, Trevor Matthews commented:

“Volt is continuing to make solid progress towards securing the funding required to complete the Stage 1 development of the Bunyu Graphite Project, and an important step in this process is ensuring the Company has an appropriate capital structure which includes the prepayment of short-term debt.

“We are pleased to provide our shareholders with the opportunity to participate in this capital raising at this exciting stage in our development.”

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
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