Volt Resources Ltd (ASX:VRC) is well advanced with note issues and listings on the Dar es Salaam Stock Exchange (DSE) in Tanzania and the Stock Exchange of Mauritius (SEM) as it seeks to secure US$40 million for stage-I development of Bunyu Graphite Project in Tanzania.
Final note issue approvals for Tanzania and Mauritius are well advanced with positive discussions being held with regulators in both jurisdictions.
Positive feedback from SEM officials indicates that Volt Graphite Tanzania Plc's (VGT) prospectus is nearing its final approval.
Some minor delays have been experienced due to the high level of recent IPO activity on the exchange as well as the company being the first resource company to seek a note issue to be listed on the SEM.
SEM a growing capital market
The SEM is an active and rapidly growing capital market in the African region with more than 200 listed companies and a total market capitalisation of around US$12 billion with listed companies having raised more than US$6.5 billion to fund growth.
VGTs application is for a Note Listing on the Development & Enterprise Market of the SEM and once approved will allow the company to quickly begin its funding raising process with SEM investors.
Tanzanian discussions
In respect to VGTs Tanzanian Note Issue and listing on the Dar es Salaam Stock Exchange (“DSE”), company advisors met with senior officials of the Tanzanian Ministry of Minerals earlier this week to discuss key details and support for the proposed issue.
This meeting was held in addition to other processes of engagement with senior government officials.
The company is encouraged by the ongoing level of engagement with key officials in Tanzania and remains confident of receiving final approval to issue the note prospectus and list the issued notes on the DSE.
“Comfortable with market position”
Volt CEO Trevor Matthews said: “Volts board and management team note the recent commentary and market reports on specific sections of the graphite market, and we would like to advise our shaRead More – Source
