Volt Resources Ltd (ASX:VRC) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.
The halt will be in place until no later than the start of trading on Monday, July 22.
READ: Volt Resources secures US$1 million to progress Bunyu stage-one development funding process
Volt is focused on obtaining funding for stage-one development of its Bunyu Graphite Project in Tanzania.
Among the various development strategies Volt is pursuing are note/bond listings on both the Dar es Salaam exchange in Tanzania and the Stock Exchange of Mauritius.
Discussions are also continuing with North American and Asian institutions who have expressed strong interest in providing funding for the Bunyu stage I development.
READ: Volt Resources advances funding pathways for Bunya stage-one development
Bunyu’s stage-one development is based on a mining and processing plant annual throughput rate of 400,000 tonnes of ore to produce on average 23,700 tonnes of graphite products.
A key objective of stage one is to establish infrastructure and market position in support of the development of the significantly larger stage-two expansion project.
The projet is near critical infrastructure with sealed roads running through the project area and ready access to the deepwater port of Mtwara 140 kilometres.