Volt Resources attracts further funding for graphite project in Tanzania
To complete the Stage 1 feasibility study and accelerate drilling.
Company
ASX:VRC
Volt Resources Ltd (ASX:VRC) is a critical minerals and battery material company with a 70% interest in the Zavalievsky Graphite (ZG) business in Ukraine. The ZG mine and processing facilities have been in operation since 1934 and are near key markets with significant developments in lithium-ion battery production. Volt has acquired three licence applications in Serbia that are prospective for lithium-borate mineralisation. The company is also progressing the development of its large wholly-owned Bunyu Graphite Project in Tanzania.
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To complete the Stage 1 feasibility study and accelerate drilling.
The halt will remain in place until Monday 6th November 2017.
The board has elected to increase the SPP limit due to demand by over 50%.
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Volt continues to advance its graphite interests in Tanzania.
Shareholders can apply for up to $15,000 of new shares under the offer.
The raising will be partially underwritten by directors on the company.
Volt's Namangale graphite project is located in Tanzania.
Volt recently appointed Tanzanian-born Asimwe Kabunga as chairman
The company's new Tanzanian-born chairman is also its biggest shareholder.
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The company now has commitments for 100% of its planned Stage 1 graphite production.
Circa $4.8 million cash is expected from option exercises before year-end.
An announcement is expected to be on or before Monday 7th July 2017.
The halt will remain in place until Wednesday 5th July 2017.
Management's recent trip to China continues to yield results.
The cooperation agreement is a result of a recent successful trip to China.
Volt owns the largest JORC graphite resource in Tanzania.