Volt Resources Ltd’s (ASX:VRC) closing date of the Mauritian note offer has been extended to provide investors time to finalise due diligence and approval processes.
The note offer opened on January 27 and is now planned to close by April 24 with the first day of trading of the notes on the Stock Exchange of Mauritius DEM expected to be April 30.
Volt’s wholly owned subsidiary Volt Graphite Tanzania Plc (VGT) is aiming to raise US$15 million through the issue of Senior Notes – with a green shoe option of up to US$15 million to raise a total of US$30 million by way of private placing on the Development and Enterprise Market (DEM) of the Stock Exchange of Mauritius (SEM).
“Pleased with the positive feedback”
Chief executive officer Trevor Matthews said: “We are pleased with the positive feedback received from potential investors and given this is the first offer of securities by a mining company on the Mauritian Stock Exchange we are happy to extend the Note Offer period to provide more time for investors to assess the opportunity and complete their investment decision making processes.
“I look forward to providing further updates in the near-term as our funding alternatives are advanced.”
Intensive three-week roadshow
Following an extensive three-week roadshow arranged by Alphier Capital, which included meeting with investors in Mauritius, Kenya, South Africa and the Middle East interested groups are now completing due diligence prior to making a final investment decision.
Several alternative funding proposals were also presented to the company during the roadshow and these are currently being progressed in parallel with the completion of the note offer process.