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Volt Resources lodges draft prospectus to raise US$40 million for Bunyu graphite project

Proactive Investors Tuesday, 27 March 2018
Volt Resources Ltd (ASX:VRC) will today lodge the draft prospectus for its US$40 million note issue. The draft prospectus will be lodged with the Tanzanian Capital Markets and Securities Authority (CMSA) and the Dar es Salaam Stock Exchange (DES). This news should be well received by investors, as following a review of the note issue it will be forwarded to potential investors in Tanzania, Uganda and Kenya. Financing for Bunyu graphite project Investment via the note issue will potentially provide Volt with a portion of the capital required to develop stage I of the Bunyu Graphite Project in Tanzania. Management expects this should be capable of producing about 20,000 tonnes per annum of high-quality graphite products. READ: Volt Resources Limited's Bunyu Graphite Project prepares for first production in 2018 Volt is undertaking the note issue in partnership with specialist investment bank Exotix Capital. Orbit Securities has been appointed as the co-lead advisor and placing broker for the Tanzanian note issue alongside Exotix. Graphite producers unlikely to be impacted by regulatory changes Volt has been interrupted in developing the project because of concerns regarding regulatory changes to the mining industry in Tanzania. However, it would appear that changes are unlikely to impact producers of industrial metals and that it will be more the precious metals and diamond sectors that are affected.
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