HIGHLIGHTS
- $2,338,975 raised via oversubscribed Share Purchase Plan
- Funds raised will be used to fund the completion of the Feasibility Study
for the Stage 1 development of the Bunyu Graphite Project
Share Purchase Plan
Volt Resources Limited (the Company) (ASX: VRC) is pleased to advise that the Company’s Share Purchase Plan (SPP) announced to ASX on 5 September 2017 closed oversubscribed on 25 October 2017.
The SPP was strongly supported by Shareholders and was heavily oversubscribed with the Company receiving applications totalling $2,338,975. In light of this strong demand from Shareholders, the Company’s Board of Directors has elected to increase the original target which was set at $1,500,000 and accept all valid applications received to allow all eligible Shareholders who submitted valid applications to fully participate in the Offer.
The Company will now proceed to issue shares to the valid applicants of the SPP at an issue price of 2.1 cents per share, being a 20% discount to the 5-day [su_tooltip style=”bootstrap” position=”north” content=”In finance, volume-weighted average price (VWAP) is the ratio of the value traded to total volume traded over a particular time horizon (usually one day). It is a measure of the average price at which a stock is traded over the trading horizon.”]Volume Weighted Average Price[/su_tooltip] (VWAP) of shares traded on the ASX prior to the date of issue.
Use of Funds
The funds raised will be deployed towards the following key objectives:
- Complete the feasibility study for the Stage 1 Bunyu graphite project development;
- Continue development funding negotiations, obtain project development approvals, advance offtake and cooperation agreements into binding agreements, enter into engineering and construction agreements and other material contracts for the Stage 1 development;
- Support in-country costs associated with the Project; and
- Fund general corporate and other expenses.
Issue of Shares
The Company expects the shares under the SPP to be issued on 1 November 2017 with any refund and allotment advice to be despatched to Shareholders on 1 November 2017.
Patersons Securities Limited (Patersons) underwrote the SPP and received no shortfall. Patersons may now elect to facilitate a placement of new shares at an issue price of 2.1 cents per share, the same price as the SPP.
The Board of Directors wish to thank all Shareholders for their ongoing support as the Company continues to advance the development of the Bunyu graphite 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
Released through Sam Burns, Six Degrees Investor Relations, M: 0400 164 067