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.