Australia  

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

Volt Resources raises further funds to fast-track Bunyu Graphite Project

Proactive Investors Thursday, 7 December 2017
Volt Resources Ltd (ASX:VRC) will use $4.7 million to be raised through the sale of options to advance the Bunyu Graphite Project in Tanzania. The company has entered into an option underwriting agreement with Empire Capital Partners and Cove Capital to guarantee the funds. The two will act as joint underwriters to exercise any shortfall from the issue of options with an expiry date of 31 December 2017. Company’s cash position strengthened Together with the $3.2 million raised in a recent share purchase plan (SPP) and top-up placement, the company’s cash position has been strengthened. This gives Volt the flexibility to deliver on near-term objectives, including fast-tracking stage I development of Bunyu. READ: Volt Resources’ off-take partner validates quality of Bunyu graphite products The project has already demonstrated key pre-feasibility study project economics of US$1.3 billion NPV (pre-tax) with a 1.4 year payback. Trevor Matthews, chief executive officer, said: “This is a significant development for the business as it shows confidence in our development plans for Bunyu Graphite Project. “It provides a clear and flexible funding pathway for Volt’s immediate future. “Following the recent oversubscribed SPP and placement, Volt now has a very healthy cash position. “This enables us to fast-track a very focused and active development program for the project.” Start of stage I construction expected in 2018 Matthews said: “We are targeting the commencement of stage I construction next year with development debt funding options well advanced.” The Bunyu project is the largest JORC resource deposit in Tanzania with 461 million tonnes at 4.9% TGC (total graphitic content). READ: Volt Resources paves way for Bunyu graphite mining license Volt recently established a pathway to obtain a mining licence for stage I following meetings with senior Tanzanian government and community officials. A key takeaway from the meetings completed this week is that the positive benefits of an export-oriented industry are well understood by many within the Tanzanian government and community. The development of Bunyu will significantly boost regional employment. The company will provide skills and safety training for local people to participate in the project development, and provide opportunities for local and regional businesses.
0
shares
ShareTweetSavePostSend
 
Credit: AutoMotoTV - Published < > Embed
News video: USA debut of the Mercedes-AMG Showcar Project ONE - News Scoop

USA debut of the Mercedes-AMG Showcar Project ONE - News Scoop 00:51

USA debut of the Mercedes-AMG Showcar Project ONE - News Scoop

You Might Like


Recent related videos from verified sources

Project Sanctuary offers retreat for veterans [Video]Project Sanctuary offers retreat for veterans

It can be difficult to transition back into a normal life after serving in the military. That's where Project Sanctuary steps in. This week, the program is hosting military families from across the..

Credit: ABC 2 News WMAR     Duration: 01:02Published

Blue Light project aims to make Highland Park and Ecorse safer [Video]Blue Light project aims to make Highland Park and Ecorse safer

If you are in the city of Detroit and see flashing green lights on a business you know police are monitoring live surveillance camera feeds there. It is called Project Green Light.

Credit: WXYZ Detroit     Duration: 02:07Published


Recent related news from verified sources

Kingston Resources raises $3.1 million through placement of shortfall shares, second diamond rig on-site at Misima Gold Project

Kingston Resources Ltd (ASX:KSN) has raised $3.1 million through the placement of 192,793,865 shortfall shares from its pro-rata non-renounceable rights issue...
Proactive Investors

Yandal Resources well funded with $5.9 million for gold exploration following rights issue

Yandal Resources Ltd (ASX:YRL) has received cleared funds and issued the remaining shortfall shares and attaching options under its 1 for 4 non-renounceable...
Proactive Investors

Coffee with Samso - Graphite, more than an EV story

Graphite is a commodity that is well known but I feel the investing market does not really understand the business and its commercial use as a commodity. While I...
Proactive Investors

VRX Silica boosts Arrowsmith Central silica sand estimate 273% on maiden resource

VRX Silica Ltd (ASX:VRX) has upgraded the total mineral resource estimate for its Arrowsmith Central Silica Sand Project in WA after completing an aircore...
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.