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Volt Resources lodges draft prospectus for proposed Stock Exchange of Mauritius note issue and listing

Proactive Investors Tuesday, 10 September 2019
Volt Resources Ltd (ASX:VRC) has lodged for approval the draft prospectus for its wholly owned subsidiary Volt Graphite Tanzania plc’s proposed note issue and listing on the Stock Exchange of Mauritius. The note issue and listing do not require Tanzanian government approval, allowing Volt Graphite to issue the SEM prospectus and begin the fundraising process immediately after approval is granted. Dar es Salaam Stock Exchange listing being finalised Approval for Volt Graphite’s note issue and listing on the Dar es Salaam Stock Exchange is being finalised through ongoing discussions with the relevant government authorities. Recent discussions indicate the approval process has advanced in terms of priority. Ongoing discussions with institutional funds Discussions are also being undertaken with African banks and North American institutional funds in support of Volt’s stage-one funding strategy. Volt expects these discussions will further develop once final approvals are received and funding progresses with both the Tanzanian and Mauritian note issues. Outstanding loans fully repaid The company has also fully repaid the outstanding loan notes due to Riverfort Global Capital and Yorkville Advisors after receiving funds from Volt’s recently completed share purchase plan and top-up placement which raised about $1.65 million in total. The capital raising closed oversubscribed and was well supported by existing shareholders, eligible directors and chief executive officer Trevor Matthews, who all took up their maximum allocation.
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