Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise that it has secured a short-term (6-month) loan facility with a further 6-month extension option providing Volt with A$1.3 million.
Importantly, the loan facility will provide added flexibility over the coming months whilst the Company progresses listing approval from the Tanzanian Capital Markets and Securities Authority (“CMSA”) for the issue of the Note prospectus. The loan facility will not be dilutionary to existing shareholders as no equity will be issued during the initial 6-month loan period.
The loan is secured via a charge over Volt Resources assets and Mr Asimwe Kabunga’s shareholding in Volt. There is no security provided over the Tanzanian assets due to the need to keep them unsecured for the Bunyu project development funding.
Attached is an Appendix 3Y regarding the share security provided by the Volt Chairman, Mr Asimwe Kabunga. It is important to note there is no change in Mr Kabunga’s shareholding in Volt.
Volt Non-executive Directors Mr Stephen Hunt and Mr Alwyn Vorster expressed their appreciation of Mr Kabunga’s assistance in securing the loan funds.
Short Term Funding Additional Information
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