Volt Resources Ltd (ASX:VRC) has completed its off-market share crossing of 170 million shares held by SBC Global Investment Fund to several large existing shareholders and sophisticated new shareholders at 1.75 cents per share.
In doing so, VRC has mitigated the risk of a large volume of potential share selling, as SBC Global Investment Fund was not considered to be a long-term shareholder.
The move comes just days after VRC received $540,000 from the exercise of 54 million 1 cent unlisted options held by three of its largest shareholders.
The funds raised will go to:
- Development plans to become a battery graphite materials producer in the US and Europe;
- Advancing the Bunyu Project development funding; and
- Where appropriate, making further investment in the Zavalievsky Graphite mine and processing plant.
“I am very pleased with the level of support from existing shareholders and new shareholders with the crossing of the SBC Global shareholding. Peak Asset Management did a great job coordinating the crossing which removed a large volume of potential share selling,” VRC managing director Trevor Matthews said.
“The receipt of $540,000 in funds from the exercise of unlisted options by three of Volt’s largest shareholders is timely and appreciated. It provides funding for the company to continue to advance its many activities in the graphite battery materials supply chain from mining through to battery anode material and other value-added battery technology products.”