Volt Resources Ltd (ASX:VRC, OTC:VLTRF) has raised $402,780 through a share purchase plan (SPP) to eligible shareholders to advance its natural graphite anode business.
The SPP was part of a fundraising drive that also included a $1.132 million placement to institutional and sophisticated investors.
READ: Volt Resources opens placement and SPP to raise A$1.6 million for downstream graphite anode development
Eligible shareholders were allowed to each subscribe for up to $30,000 worth of new shares in the company at the same $0.007 per share price for the placement.
The company received applications for 57.5 million new shares under the SPP, which comes with one free attaching option for every two shares issued, at an exercise price of 2.4 cents and an expiry date of June 30, 2025.
The shares and the 28.8 million options will be allotted and issued today and commence trading tomorrow.
Show of support
“The Volt board greatly appreciates the continued support we have received from our valued retail investors,” Volt managing director and chief executive officer Prashant Chintawar said.
“Through their participation, they have made it clear our investor base is as excited as we are about the growing opportunity in graphite, and that they support our strategy of leveraging this by becoming a leading integrated producer of natural graphite anode material.”
About the company
Volt is an established graphite and emerging natural graphite anode producer.
The company has a 70% interest in the Zavalievsky Graphite business in Ukraine, where the mine and processing facilities have been in operation since 1934 and are near key markets with significant developments in lithium-ion battery production.
It is also progressing the development of its wholly-owned Bunyu Graphite Project in Tanzania, one of the largest graphite deposits in the world.