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VOLT GROUP LIMITED — Capital/Financing Update 2017
Jun 12, 2017
66016_rns_2017-06-12_a503b152-4cf1-40c5-b943-56537cf7516e.pdf
Capital/Financing Update
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COMMITMENTS
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The Company is pleased to provide the following pre-quotation disclosure:
The Company’s updated statement of commitments based on actual funds raised under the Recapitalisation Proposal.
The actual funds raised under the Recapitalisation Proposal were $5,600,000. The Statement of Commitments is unchanged from the Description of Cash Outflows detailed in paragraph 3.1 of the Prospectus entitled “Purpose of the Offer”.
The funds raised are planned to be used for the following primary purposes including; repayment of the DOCA Loan and Subsidiary DOCA Loan, further ATEN Technology development and commercialisation activities, due diligence on new project opportunities and working capital for the Company to operate as a going concern.
The planned use of funds is detailed in the following table:
| Description of Cash Commitments | $’M | % |
|---|---|---|
| Repayment of the DOCA Loan and Subsidiary DOCA Loan | 2.18 | 39 |
| Recapitalisation & restructure costs | 0.48 | 9 |
| ATEN re-engineering and design enhancement | 0.50 | 9 |
| ATEN business development and commercial activities | 0.50 | 9 |
| Due diligence of new project opportunities | 0.75 | 13 |
| Working Capital Funding | 1.18 | 21 |
| Total funds raised under the Recapitalisation Proposal | 5.60 | 100 |