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Corporate Spotlight

Volt Resources Limited (VRC) is an exploration and development company focused on the development of its wholly-owned Bunyu Graphite Project in South East Tanzania. The Bunyu Project is ideally located near to critical infrastructure with sealed roads running through the project area.
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Volt Resources strives to be leading natural flake

PROSPECTUS LODGED

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Prospectus lodged for Approval of Mauritian Note Issue

ASX Announcement 10 September 2019 


  • Volt pursuing SEM Note Issue and listing as part of its funding strategy to raise US$40 million for the Stage 1 development of Bunyu Graphite Project 
  • SEM Note Issue to be undertaken in parallel with Tanzanian Note Issue which continues to progress with final approvals currently being sought 
  • Approvals for SEM Note Issue expected to take approximately 4 weeks - providing an expedited pathway to securing development funding 
  • Riverfort / Yorkville debt facility now fully repaid


Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to advise that the draft prospectus for the Company’s 100% owned subsidiary, Volt Graphite Tanzania Plc’s (VGT) proposed Stock Exchange of Mauritius (“SEM”) Note Issue and listing has now been lodged for approval.


Volt expects the timeframe for a prospectus to be approved by the SEM (which is the sole regulator) is approximately 4 weeks. The SEM Note Issue and listing does not require Tanzanian Government approval, allowing VGT to issue the SEM prospectus and commence the fund-raising process immediately following receipt of approval. Further details of the Note Issue terms and conditions will be provided once SEM approval is received.


Discussions with the relevant government authorities in Tanzania are progressing in respect to finalising the approval for VGT’s Tanzanian Note Issue and listing of the Notes on the Dar es Salaam Stock Exchange. Recent discussions have indicated that VGT’s approval process has advanced in terms of priority and the Company will provide further updates on this process in due course.


In addition, VGT continues to undertake discussions with African banks and North American institutional funds in support of its Stage 1 funding strategy. It is expected that these discussions will further develop once final approvals are received and funding progresses with the respective Tanzanian and Mauritian Note Issues. 


The Company is also pleased to advise that the outstanding loan notes due to Riverfort Global Capital (“Riverfort”) and Yorkville Advisors (“Yorkville”) have now been fully repaid following the receipt of funds from the recently completed Share Purchase Plan (“SPP”) and Top-up Placement (refer ASX release dated 21 August 2019).


The SPP was well supported by Volt’s shareholders, eligible directors and CEO Trevor Matthews who all took up their maximum allocation, and the Company remains firmly focused on finalising development funding and commencing work on the Stage 1 development of Bunyu as quickly as possible.


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RAISES $1.65 MILLION

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Volt Raises $1.65 Million via Share Purchase Plan and Top Up Placement

ASX Announcement 21 August 2019 


Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (Volt or the Company) is pleased to advise that the Company’s Share Purchase Plan (SPP or Plan) has closed oversubscribed raising a total of $1,299,000.


In addition to the SPP, a further $350,000 has been raised via a top-up placement of new shares to sophisticated and professional investors at the same issue price as the SPP (Placement), taking the total amount raised to $1,649,000. Volt’s Chairman Asimwe Kabunga supported the Placement investing $100,000. Shareholder approval for Mr Kabunga’s participation in the Placement will be sought at Volt’s next shareholder general meeting.


Patersons Securities acted as the Lead Manager and Underwriter to the SPP and Lead Manager to the Placement.


Volt’s Chief Executive Officer Trevor Matthews commented, “We are very pleased by the level of support received during the SPP and the subsequent top-up placement and I would like to thank existing shareholders for their ongoing support and welcome new investors to Volt’s register.


“Importantly, this funding allows the Company to reduce its short-term debt and to advance its development funding initiatives that, once executed, will very quickly see work on the Stage 1 development of our Bunyu Project get underway.


“We remain committed to securing our Stage 1 development capital in the near-term and I look forward to providing further updates to shareholders in due course.”


Funds raised under the SPP and Placement will be used to repay the outstanding loan notes due to Riverfort Global Capital and Yorkville Advisors due 14 September 2019 (refer ASX announcement Monday, 15 July 2019) and for general working capital and corporate purposes.


The SPP and Placement new shares (New Shares) will be issued this Friday 23 August 2019. The New Shares will be issued at a 20% discount to the volume weighted average price traded on the ASX for the period Friday 16 August to Thursday 22 August 2019.


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QUARTERLY

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QUARTERLY ACTIVITIES REPORT TO 30 JUNE 2019 

ASX Announcement 29 July 2019 


Highlights

  • Development funding options including the Tanzanian Note Issue approval advancing to secure US$40 million for the Stage 1 development of the Bunyu Graphite Project 
  • US$1 million in funding secured from a European based high net worth investor 
  • Riverfort/Yorkville debt facility restructured with maturity date extended to 14 September 2019 
  • Mr Giacomo (Jack) Fazio appointed Non-Executive Director


Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or, the “Company”) is pleased to report on the Company’s activities for the quarter ended 30 June 2019.


June Quarter Activities Overview 

US$40 million Tanzanian Note Issue Update 

The Company and its advisor, Exotix Capital, continued to progress the planned Tanzanian Note Issue and listing of the Notes on the Dar es Salaam Stock Exchange (DSE). Volt advanced a number of development funding strategies in parallel which include providing Volt with the options of a Bond Issue and listing on the Stock Exchange of Mauritius (“SEM”) and private bond investment


During and post quarter end, ongoing in-country discussions and meetings between Volt’s management team and the Tanzanian Government continued to take place, and the Company is confident that the approval process for the Note Issue is nearing the final stages. 


Positive progress was also made in respect to the Company’s proposed Bond Issue and listing on the SEM, with a draft prospectus in the final stages of preparation and post quarter end an additional experts report being prepared to meet the information and disclosure requirements of the SEM. Further, discussions and project due diligence processes continue with North America, African and Asia-based institutions via Exotix Capital.


Project Engineering and Construction 

Contract negotiations with a recognised engineering services firm for the role of Project Management Contractor (PMC) continued with the development of final contract terms and conditions. The contract is planned to be executed by the parties in the near future to coincide with development funding nearing completion.


Tanzanian Mining Exhibition 

The CEO and Volt Graphite Tanzania management attended a mining exhibition in the parliament grounds in Tanzania’s capital, Dodoma, over a two day period on May 26 and 27. The exhibition coincided with the Ministry for Minerals annual budget speech to the National Assembly. It provided an opportunity for the Company to present the Company’s Bunyu project and explain graphite mining and processing, product markets and project development activities to the Speaker of the House and members of parliament.


CEO Trevor Matthews welcoming the Speaker of the Tanzanian National Assembly Hon. Job Ndugai to the Volt booth during the Mining Exhibition at the Parliament grounds in Dodoma 

(L to R) Volt CEO Trevor Matthews, Community Relations Manager Peter Dodi, Corporate Affairs Manager Godwin Nyelo and guest 


US$1 Million Corporate Funding Secured 

In June, the Company secured US$1 million in working capital funding from Mr Lars Bader via the placement of 20,845,714 shares at 2.1c per share raising US$300,000, an 18-month loan facility for US$700,000 and 25,536,000 options with an exercise price of $0.04 per share with an 18- month maturity.


The funding provides flexibility to finalise the Tanzanian Note Offer approval as part of the Bunyu Stage 1 development funding process and assists with the corporate debt restructuring. The support from Mr Bader demonstrates the long-term underlying value in Volt’s Bunyu Project. 


The Company also announced during the quarter financial support from two directors, with Mr Kabunga and Mr Hunt advancing $100,000 in short term working capital funding on an unsecured, arm’s length commercial term basis repayable on or before 15 July 2019. 


Debt Facility Restructure 

Subsequent to the reporting date, the Company advised the maturity date for the loan facility with RiverFort Global Capital and Yorkville Advisors (see ASX announcements dated 22 January and 23 January 2019) had been extended by two months, from 14 July 2019 to 14 September 2019.


The terms of the extension require an amount payable at execution of US$375,000, comprising a loan repayment amount of US$335,106 which reduces the total amount payable at maturity to US$664,894 from US$1 million and an extension fee of US$39,894.


Board Changes 

Post-quarter end, the Company appointed Mr Giacomo (Jack) Fazio as Non-Executive Director, following the resignation of Mr Alwyn Vorster. 


Mr Fazio is a highly experienced project, construction and contract/commercial management professional having held senior project management roles with Primero Group Limited, Laing O’Rourke and Forge Group Ltd. His experience ranges from feasibility studies through to engineering, procurement, construction, and commissioning of diverse mining, infrastructure, oil & gas and energy projects.


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CORPORATE FUNDING

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Volt Secures US$1 Million Corporate Funding 

ASX Announcement 24 June 2019 


  • US$1 million investment by a European based high net worth investor as follows: 
    • US$300,000 share placement completed at A$0.021 
    • US$700,000 loan facility 
    • Issue of 25,536,000 options exercisable at A$0.04 for potential gross proceeds of US$700,000 
  • Funds provide working capital flexibility to complete the US$40 million Bunyu Stage 1 development funding process


Tanzanian-focused flake graphite development company Volt Resources Limited (ASX: VRC) (“Volt” or “the Company”) is pleased to advise it has secured US$1 million in working capital funding via the placement of 20,845,714 shares at 2.1c per share raising US$300,000 and a US$700,000 loan facility entered into with Mr Lars Bader. The loan key terms are summarised below. Mr Bader will also be issued 25,536,000 options with an exercise price of $0.04 per share with an 18 month maturity. The 20,845,714 shares and 25,536,000 options will be issued under the Company’s available Listing Rule 7.1 placement capacity.


Exotix Capital acted as Structuring and Placement Advisor in arranging the funding package. 


As previously reported (31 May 2019), Volt continues to simultaneously advance several funding strategies to secure the US$40 million required to complete the Stage 1 development of the Bunyu Graphite Project in Tanzania. 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’s CEO Trevor Matthews commented, “This latest funding support from a sophisticated European based investor 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.”


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