Volt Resources Limited announced that it has successfully raised gross proceeds of $4.7 million through the exercise of 235,648,431 listed options at $0.02. The listed options exercise process was strongly supported, with approximately 90% of Volt option holders exercising their options. The shortfall of approximately 24 million options was jointly underwritten and taken up by Empire Capital Partners Pty Ltd. and Cove Capital Pty Ltd. Importantly, this additional funding provides Volt with the required financial flexibility to aggressively progress the planned Stage1 development of the company's Bunyu Graphite Project in Tanzania, with the Stage 1 Feasibility Study expected to be completed in late First Quarter 2018. Volt's near-term strategy is to develop Bunyu Stage 1 to process 400,000tpa of ore and produce a nominal 20,000tpa of graphite products. The Stage 1 development is to produce bulk graphite product which will both satisfy the existing offtake agreement and the non-binding offtake agreements entered into with four potential Chinese customers. The Bunyu Graphite Project has already demonstrated PFS project economics of USD 1.3 billion NPV (pre-tax) with a 1.4 year payback based on annual production of approximately 170,000 tonnes of graphite product.