ASX-listed Volt Resources continues to advance a number of development funding strategies for the Stage 1 development of its Bunyu Graphite Project in Tanzania.
Tanzania – Volt Resources’ funding strategies include providing Volt Resources with the options of Note/Bond listings on both the Dar es Salaam (DSE) in Tanzania and the Stock Exchange of Mauritius (SEM) respectively.
Following recently held in-country meetings and ongoing discussions with the Tanzanian Government, Volt Resources can report that the approval process for the Note Issue is nearing the final stages.
Positive progress has also been made in respect to the company’s proposed Bond Issue on the SEM, with a draft prospectus in the final stages of preparation based on meeting the information and disclosure requirements for the issue and listing of bonds by the SEM.
Furthermore, discussions continue with North America and Asia-based institutions via Exotix Capital. The institutions have demonstrated a strong interest to provide funding for the development of Stage 1 of the Bunyu project.
Volt Resources has been clear about its development funding strategy and expects to be able to provide further updates over the coming weeks as approval dates and precise Note/Bond prospectus offer and listing timeframes become available.
In the interim, the company has secured $100,000 in short term working capital funding from two Directors on an unsecured, arm’s length commercial term basis repayable on or before 15 July 2019.
Volt Resources CEO Trevor Matthews commented, “The opportunity to progress listings in both Tanzania and Mauritius will provide Volt Resources with important funding flexibility and access to a much larger pool of investors to raise the US$40 million needed to complete the Stage 1 development programme at Bunyu.
“Although our Tanzanian listing process has taken longer than originally forecast, it should be remembered that Volt is the first mining company to pursue a DSE debt listing and we are now nearing the final stages of the approval process which is very encouraging,” he concludes.