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