Syrah Resources (ASX:SYR) has today announced the successful completion of a $94 million institutional placement.
The placement was well supported with strong bids from new and existing investors.
The industrial minerals and tech company will use funds raised to complete the ramp up of Balama graphite project through to cash flow and evaluate the vanadium resource at the project.
Syrah says the lithium-ion battery sector continues to advance at a rapid rate and creates substantial opportunity for the benefit of shareholders.
Following completion of the placement, Syrah will offer eligible shareholders in Australia and New Zealand the right to participate in a share purchase plan.
Shares in Syrah Resources (ASX:SYR) are trading 5.28 per cent lower at $2.33