Volt Resources directors show confidence in company by investing $1.08 million

Volt Resources Ltd (ASX:VRC) directors have demonstrated their confidence in the company’s integrated graphite and battery metals development strategy by investing $1.08 million in a recent placement.

Following shareholder approval, all Volt directors have invested in shares and options at an issue price of $0.018 per share, which represents a 50% premium to the last traded price.

Placement participation

Chairman Asimwe Kabunga invested $1 million, executive director Trevor Matthews invested $50,000 and non-executive director Jack Fazio invested $30,000.

READ: Volt Resources raises $10 million in “significantly oversubscribed” placement to fast-track graphite anode production

Volt’s CEO Prashant Chintawar said: “Volt’s cash position as at Friday, February 24, 2023, was $4.9 million, compared to $5.5 million on December 31, 2022, and this further $1.08 million investment by the Volt board places the company in a strong cash position to execute on its 2023 plans.

“The Volt director share purchases, fiscal discipline, combined with my continued on-market purchases, is a strong message of confidence by the senior leadership team in the company’s strategy.”

Use of funds

The funds raised in the placement will be channelled into advancing Volt’s integrated graphite battery materials business plans, including:

• Preparation of a feasibility study for a commercial-scale LIB active anode material production facility that can be used as a template design for facilities in the US – such as the Energy Supply Developers super site – and Europe.
• Continuing production of lithium-ion battery anode, cathode conductive additive, alkaline and lead acid battery product samples for customer test-work and offtake discussions.
• Completion of the update of the Bunyu Stage 1 feasibility study focused on capital and operating costs and approvals.
• Further working capital to assist in stabilising graphite production from the Zavalievsky mine and processing plant and the export of graphite products to customers in Europe.
• Ongoing business development, Bunyu graphite offtakes and Bunyu financing discussions and negotiations.
• Corporate expenditure and working capital.