Syrah Resources completes $194M raising

Company News

by Jessica Ellerm

 
Syrah Resources Limited (ASX:SYR) has successfully completed an institutional placement to professional and sophisticated investors of 32 million new fully paid ordinary shares. 
 
The placement has raised $194 million of additional capital and was heavily oversubscribed. 
 
Shares were offered at a 5.5 percent discount to the 15 June closing price of $6.40 and represent 12.2 percent of the company’s undiluted share capital.
 
Proceeds will be put towards the development of Syrah’s Balama Project in Mozambique, with the company positioning itself to become a leading supplier of graphite to emerging technology markets.
 
Syrah Resources reported a net loss of $3.26 million at 31 December 2015.

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