Volt Resources completes due diligence and will complete European graphite acquisition to become producer
The acquisition of a controlling 70% interest in the ZG Group will immediately transform the company from a graphite explorer and developer into one of the few ASX-listed graphite producers. The transaction is now unconditional and will be completed within 10 business days.
Volt Resources Ltd (ASX:VRC) (FRA:R8L) has completed due diligence for the acquisition of a 70% interest in the Zavalievsky group of companies (ZG Group) and following formal notification to the existing shareholders later today, the transaction will become unconditional.
This acquisition will result in the transformation of Volt into a graphite producer from ZG Group s operations in Ukraine.
Volt Resources 70% acquisition of European graphite group will put it ahead of peers as a producer
Completion of the acquisition will position Volt to become a graphite producer without the usual greenfield financing and development risk. The Zavalievsky mine’s strategic location in the Ukraine has attracted interest from LIB cell manufacturers and major carmakers.
Volt Resources Ltd (ASX:VRC) (FRA:R8L) has signed binding share purchase agreements (SPAs) to acquire a 70% interest in the Ukraine-based Zavalievsky group of companies (ZG) for a total of US$7.7 million, payable in two instalments of US$3.8 million.
Completion of the acquisition will position Volt well ahead of most of its peer graphite companies by transforming it into a graphite producer without the usual greenfield financing and development risk.