Tanzanian-focused flake graphite developer Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) wishes to advise that the closing date of the Company’s Mauritian Note Offer (“Note Offer”) has been extended.
The Note Offer opened on January 27 and is now planned to close by 30 June 2020. The first day of trading of the Notes on the Stock Exchange of Mauritius DEM is expected to be 6 July 2020.
As previously advised (see ASX release dated 28 January 2020), Volt’s wholly owned subsidiary Volt Graphite Tanzania Plc (“VGT”), is aiming to raise US$15,000,000 through the issue of Senior Notes – with a greenshoe option of up to US$15,000,000 – to raise a total of US$30,000,000 by way of private placing on the Development and Enterprise Market (“DEM”) of the Stock Exchange of Mauritius (“SEM”).
Due to the recent and widespread impact of the COVID-19 pandemic on financial markets and the associated delays as institutions and investment groups change their work arrangements leading to delays in conducting due diligence and the deferral of investment decisions, the Company is providing potential investors with additional time to complete these processes.
A number of alternative funding proposals were also presented to the Company as result of the engagement with numerous investment groups as part of the Note offer marketing process and these are currently being progressed in parallel with the Note Offer process.
Authorised by:
Trevor Matthews
Chief Executive Officer
FOR PERSONAL USE ONLY
For further information please contact:
Trevor Matthews – Chief Executive Officer
Tel: +61 8 9486 7788