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