PERTH (miningweekly.com) – Graphite and gold explorer Volt Resources has secured an $8.5-million loan facility from JES Green Investments to partly fund the acquisition of a 70% interest in the Zavalievsky graphite business, in the Ukraine.
Volt had previously signed share purchase agreements (SPAs) with the existing shareholders of ZG Group to acquire a 70% interest in each of the companies comprising the group, including Zavalievsky Graphite, Stone Found and Graphite Invest.
Under the SPA’s, Volt would acquire the 70% interest in the ZG Group for an aggregate purchase price of $7.6-million, which will be payable in two installments of $3.8-million each, with the first payment due at the completion of the transaction and the second six months thereafter.
Volt on Friday said that $4-million in funds had been drawn down from the JES Green Investment loan, which will be used for the initial $3.8-million payment, with completion of the ZG Group acquisition now targeted for next week.