Syrah Resources (ASX:SYR) has announced a fully underwritten institutional placement to raise $94 million as well as a share purchase plan.
The capital raised will be used to complete the ramp up of the Balama Graphite Operation, progress Syrah's Battery Anode material strategy to the end of 2019, and fund the vanadium resources at Balama.
Proceeds will also go towards funding corporate, general and administrative costs.
Following completion of the placement Syrah will offer eligible shareholders in Australia and New Zealand the right to partake in a share purchase plan.
Syrah resources (ASX:SYR) is in a trading halt and last traded at $2.46.