Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Volt Resources (VRC) is set to raise $5.75 million through a placement to advance programs of work in Europe, the US, Tanzania and Guinea
  • VRC originally sought $4 million but following strong demand, received commitments to $5.05 million
  • Chairman Asimwe Kabunga has subscribed for $700,000 in placement shares, subject to shareholder approval
  • The placement includes 230 million new shares at 2.5 cents each, marking a 15.5 per cent discount to the 15 day volume weighted average price
  • Shares resumed trade today, dropping 3.3 per cent to 2.9 cents at 12:17 am AEST

Volt Resources (VRC) has received firm commitments to raise $5.75 million to advance its programs in Europe, the US, Tanzania and Guinea.

Following yesterday’s trading halt, the company announced today that it has received excessive support for the raise which was originally targeting $4 million.

VRC received offers totalling $5.05 million and Chairman Asimwe Kabunga has subscribed for $700,000 in placement shares, subject to shareholder approval.

The raise is set to be completed through the placement of 230 million new fully paid ordinary shares at 2.5 cents each, marking a 15.5 per cent discount to the 15 day volume weighted average price at the close of trading prior to the trading halt.

The placement shares, excluding those subject to shareholder approval, are scheduled to be issued by Thursday, September 9.

With the money, Volt says it plans to commercialise the development of battery anode and other downstream graphite products in Europe and the United States.

Additionally, the funds will help VRC to drive the Eastern-European based Zavalievsky graphite business, as well as complete the company’s lithium ion battery cycling testwork on the graphite at its Bunyu project in Tanzania.

The fresh capital will also go towards corporate and general working costs.

Shares resumed trade today, dropping 3.3 per cent to 2.9 cents at 12:17 am AEST.

VRC by the numbers
More From The Market Herald
Castillo Copper (ASX:CCZ) - Chairman, Rob Scott

" Castillo Copper (ASX:CCZ) shuffles board

Castillo Copper (ASX:CCZ) has seen a reshuffle to its board, welcoming a new Chief Executive Officer…

" Athena (ASX:AHN) Moonborough 3D modelling complete

3D gravity modelling at the Moonborough intrusion are now complete at Athena Resources’ (AHN) Byro Base…
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) advanced WA and European assets in Q4

Raiden Resources (ASX:RDN) progressed exploration activities at its projects in WA and Eastern Europe during the…
Aura Energy (ASX:AEE) - Acting CEO, Dr Will Goodall

" Aura Energy (ASX:AEE) advances towards net zero emission at Tiris

Aura Energy (ASX:AEE) completes the first phase of the Net Zero Emission Study for uranium production…