- Volt Resources (VRC) is set to raise $1.7 million to recommence graphite production in Ukraine
- The company will issue over 107 million shares at 1.6 cents per share, plus 53.6 million unlisted options with an exercise price of 2.4 cents
- Funds raised will be spent to recommence production at the Zavalievsky graphite mine and processing facilities
- Additionally, Chairman Asimwe Kabunga subscribed for 17.7 million shares and 8.8 unlisted options for an additional $284,000, subject to shareholder approval
- VRC shares drop are steady to trade at 1.7 cents at 1:20 pm AEST
Graphite producer and battery materials developer Volt Resources (VRC) is set to raise $1.7 million to recommence graphite production in Ukraine.
The company will issue over 107 million shares at 1.6 cents per share, plus 53.6 million unlisted options with an exercise price of 2.4 cents.
In addition, Chairman Asimwe Kabunga subscribed for 17.7 million shares and 8.8 unlisted options for an additional $284,000 on the same terms as the placement, this is subject to shareholder approval.
Funds raised will be spent to recommence production at the Zavalievsky graphite mine
and processing facilities, as well as production testwork for battery anode material for lithium-Ion battery manufacturers.
“The Volt board is pleased with the strong support from existing shareholders and new investors with this capital raising,” Managing Director Trevor Matthews said.
“The decision to recommence the graphite mine and processing operations in western Ukraine is a positive step forward for the Zavalievsky management and staff, local communities and businesses that depend on the graphite business for their livelihoods.”
Earlier this year, Volt announced in December it increased graphite production at Zavalievsky by 44 per cent over November.
A total of 807 tonnes of graphite product was produced over the month at an average of 50 tonnes of product per operating day.
On the market, VRC shares were steady to trade at 1.7 cents at 1:20 pm AEST.