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Volt Resources charms institutional investors to Tanzanian graphite

Volt will allow the new funds to repay a convertible loan facility, and for working capital necessity, as it advances project sanctions and financing programs in Tanzania.


Devdiscourse News Desk Last Updated at 14 Jun 2018, 12:06 IST Tanzania
Volt Resources charms institutional investors to Tanzanian graphite
  • Volt stays focused on finishing the Stage 1 development of Bunyu within the next 12 to 15 months. (Image Credit: Flickr)

Volt Resources Ltd. has earned strong demand at the price of 2.3 cents in the USD 2 million increase from institutional investors.

Volt will allow the new funds to repay a convertible loan facility, and for working capital necessity, as it advances project sanctions and financing programs in Tanzania.

The firm is focusing on discovery and growth of the wholly-owned Bunyu Graphite Project.

Asimwe Kabunga, chairman for Volt, stated that "With the company now on the cusp of delivering a number of the company making milestones including obtaining key project development approvals and securing development funding, the board believes it was timely to strengthen its near-term cash position."

He also told, "Further, we are pleased with the level of support for the capital raising by institutions and sophisticated investors and the company looks forward to providing further updates on key corporate and operational developments in the near-term."

Volt stays focused on finishing the Stage 1 development of Bunyu within the next 12 to 15 months.

Bunyu is the biggest JORC Resource deposit in Tanzania with 461 million tonnes at 4.9% total graphitic carbon (TGC).


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