Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Volt Resources increases share purchase plan to meet demand

Proactive Investors Wednesday, 1 November 2017
Volt Resources (ASX:VRC) has elected to increase its share purchase plan (SPP) limit from $1.5 million after receiving over $2.3 million in applications. The heavily oversubscribed SPP closed 25 October 2017 and will see $2.33 million worth of shares issued at $0.021. Funds raised will be used to fund the completion of the feasibility study for the Stage 1 development of the Bunyu Graphite Project located in Tanzania. Recently, the company engaged Exotix Capital to undertake a Tanzanian Bond issue to raise up to US$30 million in structured debt to fund the Stage 1 development. READ NOW: Volt Resources appoints Exotix Capital to raise up to US$30 million If successful, the proposed bond issue financing will ensure that project development funding will be undertaken with minimal equity dilution. Use of funds The funds raised under the SPP will used for objectives including: - Complete the feasibility study for the Stage 1 Bunyu graphite project development; - Continue development funding negotiations, obtain project development approvals, advance offtake and cooperation agreements into binding agreements, enter into engineering and construction agreements and other material contracts for the Stage 1 development; and - Support in-country costs associated with the project. Off-take agreements in place Volt continues to advance discussions with China National Building Materials General Machinery (CNBMGM) and Guangxing Electrical Materials (GEM). Product samples were sent to both CNBMGM and GEM to enable independent testing on the Bunyu Graphite product. Positive initial product feedback was received from CNBMGM and final results from the test work program are expected to be received in the coming weeks. READ NOW: Volt Resources' shares rise on positive feedback for Bunyu graphite product Additional samples were also arranged for China-based AOYU Graphite. Assuming the product test work is successful, then offtake agreements totalling 15,000 to 20,000 tonnes per annum could be confirmed during Q4 2017.

You Might Like

Recent related videos from verified sources

Daily Dividend Report: RECN, LDOS, ETR, SYY, AMG [Video]Daily Dividend Report: RECN, LDOS, ETR, SYY, AMG

Resources Global Professionals, the operating subsidiary of Resources Connection, announced today that its Board of Directors has approved an 8% increase in its cash dividend to $0.14 per share,..

Credit: Market News Video     Duration: 01:52Published

Recent related news from verified sources

XTEK directors take part in SPP to execute operational strategy

XTEK Ltd’s (ASX:XTE) board of directors including Uwe Boettcher, Robert Quodling, Phillippe Odouard, Ivan Slavich and Chris Fullerton have participated in the...
Proactive Investors

Meteoric Resources to discuss new gold acquisitions at Proactive’s CEO Sessions

Meteoric Resources NL (ASX:MEI) is focused on the Juruena and Novo Astro Gold Projects in Brazil which it acquired in late May 2019. The company wasted no...
Proactive Investors

Sabre Resources enters binding agreement to acquire owner of Beacon Gold Project in WA

Sabre Resources Ltd (ASX:SBR) has entered a binding share sale agreement to acquire Scarce Minerals Pty Ltd which owns the Beacon Gold Project in Western...
Proactive Investors

Other recent news in Business

Nova Minerals aims to fast-track development works at the Thompson Brothers Lithium PROJECTARCHER Exploration reveals high purity alumina exploration target in South Australia
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.