Volt undertakes share placement
PERTH (miningweekly.com) – ASX-listed Volt Resources has raised A$5.75-million in a share placement to fast-track the supply of battery anode material to European lithium-ion battery manufacturers.
The company will place 230-million new shares at a price of 2.5c each, which represented a 15.5% discount to Volt’s 15-day volume weighted average share price.
Volt chairperson Asimwe Kabunga has committed to subscribe for A$700 000 of the placement shares, subject to shareholder approval.
The remaining shares under the placement would be issued under Volt’s existing placement capacity.
“This has been a very successful capital raising with strong demand from Volt’s existing shareholders, including Kabunga, and from new investors. This has provided the opportunity for Volt to raise an increased amount of funds to execute on the exciting programmes of work that are currently under way in Europe, the US, Tanzania and Guinea,” said Volt MD Trevor Matthews.
The funds raised will be used to commercialise the development of battery anode and other downstream graphite products in Europe and the US, complete lithium-ion battery recycling testwork on the Bunyu graphite, and provide working capital as well as corporate costs.
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