Volt Resources Ltd raises $2.5m as it seeks to become a producer of graphite materials for batteries

“I am very pleased with the level of support from existing shareholders and new investors in this fundraising. Once again, Volt Chairman Asimwe Kabunga has shown his strong commitment to the company through his fundamental participation in the fundraising,” said MD.

Volt Resources Ltd (ASX:VRC) has received firm commitments from professional and sophisticated investors for a placement to raise $2 million (before fees) through the issuance of 181,818,181 fully paid common shares at $0.011 per share .

Graphite producer and battery anode materials developer chairman Asimwe Kabunga gave his own confidence in the company by subscribing for 45,454,546 fully paid shares of common stock for an additional $500,000 on the same terms as the placement, subject to shareholder approval, for a total commitment of $2.5 million.

The issue price of $0.011 is a 44% discount from the 15-day VWAP of Volt’s stock trading price before the stock was suspended on February 28, 2022.

“I am very pleased with the level of support from existing shareholders and new investors in this fundraising. Once again, Volt Chairman Asimwe Kabunga has shown his strong commitment to the company through his fundamental participation in the fundraising,” said Chief Executive Trevor Matthews.

“The Volt Board of Directors welcomes all new shareholders and looks forward to a long and successful association. We have many activities underway and I look forward to providing further updates to shareholders in due course. »

work activities

Money raised will be used to advance Volt’s project activities, including:

  • Pursue development plans to become a producer of graphite materials for batteries in the United States and Europe;
  • Advance funding for the development of the Bunyu project;
  • debt service;
  • If necessary, make additional investments in the Zavalievsky Graphite mine and processing plant; and
  • General working capital requirements.