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