PERTH (miningweekly.com) – ASX-listed Volt Resources has raised A$10-million in a significantly oversubscribed share placement to existing shareholders, and institutional and sophisticated investors.

The company on Tuesday reported that it had received firm commitments for the placement of more than 555.55-million shares, at a price of 1.8c each, with the company also agreeing to issue a similar number of listed options to participants in the placement, subject to shareholder approval.

The listed options will have an exercise price of 2.4c each and will expire at the end of June 2025.

“The Volt board had hoped to raise A$5-million, so to receive applications for over A$22-million from existing shareholders, new institutions and sophisticated investors has been highly encouraging, and we believe reflective of the rare opportunity that Volt presents investors seeking exposure to the production of graphite as well as higher-value graphite products used in lithium-ion batteries and other battery technologies,” said MD Trevor Matthews.

“Volt’s entire board has shown their continuing commitment to the company and its plans through participation in the capital raising, including a proposed A$1-million investment by Volt’s chairperson Asimwe Kabunga.”

“This placement comes at an exciting time for the company as Zavalievsky production regains momentum, and valuable downstream initiatives continue to accelerate as the market starts to secure graphite sources for the rapidly growing battery sector creating an integrated graphite mine-to-cell-maker supply chain. We look forward to providing further updates to existing and new shareholders in due course.”

Proceeds from the placement will be used to advance Volt’s integrated battery materials business plans, including a feasibility study for commercial scale lithium-ion battery active anode material production, the continuing production of lithium-ion battery anode, cathode conductive additive, alkaline and lead acid battery product samples, the completion of the Bunyu Stage 1 feasibility study, and for working capital and ongoing business development.