Volt Resources Ltd (ASX:VRC) (FRA:R8L) directors have demonstrated their confidence in the company’s graphite and gold strategy through participating in a placement.
Participation in the A$3.65 million placement was approved by shareholders at a general meeting held on May 17.
The placement arranged in the first quarter of 2021 was to existing shareholders, new sophisticated investors and Volt directors.
Change of director interests
Non-executive chairman Asimwe Kabunga acquired 40 million shares at 1.5 cents per share in an indirect interest for a total value of $600,000, increasing his holding to more than 425.8 million shares.
Managing director Trevor Matthews purchased 2 million shares at the same price in an indirect interest and now holds more than 3.58 million shares in that interest.
Non-executive director Giacomo Fazio acquired 1,333,333 million shares in an indirect interest, marking the first purchase in that interest with a further 915,892 shares held in a direct interest.
Debt facility
The company executed a term sheet with European investment company JES Green Investments Ltd on June 4 for a US$8.5 million debt facility.
This facility will go towards the funding of Volt’s acquisition of a 70% interest in the Zavalievsky group of companies (ZG Group) and related expenses, as well as to provide working capital.
The first tranche of US$4.million has been drawn providing the funds for Volt to proceed to completion of the acquisition and related expenses as well as to provide working capital.
In order to advance plans Volt's managing director Trevor Matthews travelled to Ukraine to attend the ZG Group acquisition completion meeting