Perth-based Volt Resources has raised $4.7 million through a strongly supported exercise of listed options, with the proceeds to be used to develop the company’s Tanzanian graphite project.
The company said about 235 million options had been exercised at 2 cents each, representing around 90 per cent of option holders.
The short fall was jointly underwritten by Empire Capital Partners and Cove Capital.
Chief executive Trevor Matthews said the company was aiming to develop the first stage of the Bunyu project to process 400,000 tonnes per annum of ore and produce 20,000tpa of graphite products.
“Volt is now strategically positioned to execute on a number of operational milestones as part of the stage one development of Bunyu, with key near-term deliverables to include the finalisation of all project approvals and completion of the Stage one feasibility study this quarter,” he said
“We will also concurrently advance our planned Tanzanian bond issue through our partnership with Exotix Capital aimed at securing the required funding for the development of stage one.”
Volt announced in December it will proceed with a $US40 million Tanzanian bond issue with investment bank Exotix Capital.
Source: Business News