Join our daily newsletter At The Bell to receive exclusive market insights
- Volt Resources (VRC) has provided an update on its planned acquisition of an E.U.-based graphite business
- The graphite and gold explorer and developer revealed its close to completing due diligence on the project south of Kyiv, Ukraine
- The material stock hired Deloitte Ukraine, Wardell Armstrong International and two other key legal and technical advisers to complete the due diligence
- The deal between VRC and the project’s owner, the Zavalievsky group of companies (ZG Group), would see Volt acquire a 70 per cent stake in the asset
- Volt expects the binding share purchase agreements to be executed shortly meaning the deal could be completed this month
- Shares in the company have opened up 13.3 per cent at 1.7 cents
Volt Resources (VRC) has provided an update on its planned acquisition of a European graphite business.
The graphite and gold explorer and developer revealed its close to completing due diligence on the graphite mine and processing facility, located south of Kyiv, Ukraine.
It also explained its expecting the wider deal with asset owner, the Zavalievsky group of companies (ZG Group), to be completed this month.
VRC first announced it will acquire a 70 per cent interest in the project back in February. It entered an agreement with ZG Group to buy the project for US$7.5 million (roughly A$9.8 million).
Since then, Volt has hired Deloitte Ukraine, Wardell Armstrong International and two other key legal and technical advisers to complete the due diligence on the asset.
Ultimately, the materials stock is hoping to produce battery anode material using the existing graphite production and supply the growing E.U. lithium-ion battery market.
With due diligence close to being completed, Volt said the deal with ZG Group is progressing well and it expects the binding share purchase agreements to be executed shortly.
Shares in Volt Resources have opened up 13.3 per cent on Tuesday morning, trading at 1.7 cents at 11:08 am AEST.
