JOHANNESBURG (miningweekly.com) – ASX-listed Volt Resources has appointed Exotix Capital to undertake a bond issue to raise up to $30-million in structured debt to fund the Stage 1 development of Volt’s Bunyu graphite project, in Tanzania.
Exotix will act as structuring, financial and placement adviser and will leverage its significant East African networks to complete the proposed issue, with a focus on the Tanzanian, Kenyan and Ugandan capital markets.
Volt will, upon completion of the bond raising, have the bonds listed on the Dar es Salaam Stock Exchange.
“Exotix brings to the table an extensive network of East African investors and a comprehensive strategy to access these local parties who have a strong appetite for large-scale resource projects such as Bunyu,” commented Volt chairperson Asimwe Kabunga.
Volt will, in the meantime, continue to consider other funding proposals it is currently negotiating for the Stage 1 development of the project, to ensure that momentum moving towards production by year-end 2018 is maintained.
The Bunyu project will produce graphite suitable for both battery production and building material uses.