africa commodities Finance Graphite Mining Tanzania

Tanzania: Volt Resources secures more funding for Bunyu Project

ASX-listed Volt Resources has secured US$1 million in corporate funding to further its Bunyu Graphite Project in Tanzania.

Volt Resources continues to simultaneously advance several funding strategies to secure the $40 million required to complete the Stage 1 development of the Bunyu project.

Current strategies being pursued include a Note issue on the Dar es Salaam (DSE) in Tanzania and a similar Bond issue on the Stock Exchange of Mauritius (SEM). Head of Natural Resources at Exotix Capital, Andrew Moorfield: noted “As one of the leading global graphite development juniors, Volt accessing sophisticated global investors reinforces its long-term growth potential.”

Volt Resources’ CEO Trevor Matthews commented: “This latest funding support shows confidence in the Company’s ability to not only close the development funding, but also demonstrates the long-term underlying value in Volt’s Bunyu Project.

“With this interim funding now secured, we have the requisite funding flexibility to finalise the Tanzanian Note Offer approval as part of the development funding process. I would like to acknowledge the excellent work of Exotix Capital in facilitating the working capital funding.

“We continue to progress the Mauritian bond issue approval with the Stock Exchange of Mauritius and advance discussions with an African development bank and North American and African institutional investors. “We are looking forward to finalising this funding process and shifting our focus towards advancing development at our world-class Bunyu Project,” he concluded.

Source: Mining Review

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