Volt Resources Ltd (ASX:VRC) has raised $1.299 million through its oversubscribed share purchase plan (SPP) and an additional $350,000 through a top-up placement.
Notably, Volt’s chairman Asimwe Kabunga participated in the placement investing $100,000 showing his support for the company – this will require shareholder approval at the next meeting.
Volt continues to advance a number of funding strategies to support the development of stage one of its Bunyu Graphite Project.
Funds to reduce short term debt and advance development work
Volt’s CEO Trevor Matthews said: “We are very pleased by the level of support received during the SPP and the subsequent top-up placement and I would like to thank existing shareholders for their ongoing support and welcome new investors to Volt’s register.
“Importantly, this funding allows the company to reduce its short-term debt and to advance its development funding initiatives that, once executed, will very quickly see work on the Stage 1 development of our Bunyu Project get underway.
“We remain committed to securing our Stage 1 development capital in the near-term and I look forward to providing further updates to shareholders in due course.”