Volt provides an update on the progress of its funding initiatives for the Stage 1 development of the Bunyu Graphite Project


  • Approval for Tanzanian Note Issue continues to be progressed – meetings currently being held and discussions with senior government officials to complete this process
  • Notable progress made regarding Mauritian Bond Issue approval process – Volt targeting listing on Stock Exchange of Mauritius to provide additional funding flexibility
  • Discussions continue with North American and Asian institutions who have expressed strong interest in providing funding for the Bunyu Stage 1 development

Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) provides the following update on the progress of its funding initiatives for the Stage 1 development of the Company’s Bunyu Graphite Project in Tanzania.

As previously reported (30 April 2019), Volt continues to advance a number of development funding strategies which include providing Volt with the options of Note/Bond listings on both the Dar es Salaam (“DSE”) in Tanzania and the Stock Exchange of Mauritius (“SEM”) respectively.

Following recently held in-country meetings and ongoing discussions with the Tanzanian Government, Volt can report that the approval process for the Note Issue is nearing the final stages.

Positive progress has also been made in respect to the Company’s proposed Bond Issue on the SEM, with a draft prospectus in the final stages of preparation based on meeting the information and disclosure requirements for the issue and listing of bonds by the SEM.

Further, discussions continue with North America and Asia-based institutions via Exotix Capital. The institutions have demonstrated a strong interest to provide funding for the development of the Stage 1 Bunyu Graphite Project.

The Company has been clear about its development funding strategy and expects to be able to provide further updates over the coming weeks as approval dates and precise Note/Bond prospectus offer and listing timeframes become available.

In the interim, the Company has secured $100,000 in short term working capital funding from two Directors ($50,000 from each of Mr Kabunga and Mr Hunt) on an unsecured, arm’s length commercial term basis repayable on or before 15 July 2019.

Volt’s CEO Trevor Matthews commented,

“The opportunity to progress listings in both Tanzania and Mauritius will provide Volt with important funding flexibility and access to a much larger pool of investors to raise the US$40 million needed to complete the Stage 1 development program at Bunyu.

Although our Tanzanian listing process has taken longer than originally forecast, it should be remembered that Volt is the first mining company to pursue a DSE debt listing and we are now nearing the final stages of the approval process which is very encouraging.

“The level of interest received recently from investors in Tanzania and Mauritius, along with North American and Asian institutions, is a testament to the world-class quality of the Bunyu Project and we look forward to finalising this funding process so we can turn our attention to the start-up of development works as quickly as possible.”

For and on behalf of Volt Resources Limited

Trevor Matthews
Chief Executive Officer

For further information please contact:

Trevor Matthews – Chief Executive Officer
Tel: +61 8 9486 7788