Volt Resources Ltd (ASX:VRC) is in a trading halt with an announcement pending in relation to a capital raising and potential corporate transaction.
The trading halt will be in place until the beginning of regular ASX trade on Thursday, May 14, 2020, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 0.8 cents.
Advancing towards funding
Volt recently restructured its board and taken steps to conserve cash as it moves towards securing the funding for Stage-1 development of the Bunyu Graphite Project in Tanzania.
The company’s chief executive officer Trevor Matthews has been appointed as managing director and commenced in this role on May 1.
Chairman Asimwe Kabunga said: “The board is pleased that Trevor has accepted the managing director role and we look forward to the continuation of our development funding efforts.
“The company structure will continue to be reviewed taking into account our development funding status and the broader macro-economic factors as a result of the global pandemic.”