Volta Mining (ASX:VTM) is set to raise capital of up to $1 million at an issue price of $0.066 per share via a private placement and a share purchase plan to fund stage 1 drilling at its Mbombo iron ore project in West Africa.
The raising will be capped at $1 million with the share purchase plan to raise up to $700,000, or issuance of 10,606.060 shares.
Funds raised by the Placement and the SPP will be used to complete a stage 1 drilling program in priority target Area C of the Mbombo Iron Ore Project. Four drill holes are planned, with two holes each being at depths of 55m and 115 metres.
Volta Mining is one of the largest holders of prospective iron ore licences in West Africa, with a current landholding totaling 5,740 square kilometres.
This positions the company as a significant iron ore participant in the region. The Mbombo Iron Ore Project in Gabon, Volta Mining’s primary focus, covers an area of 3,922 square kilometres and lies adjacent to the world class Belinga iron ore deposit.
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