Syrah raises A$98m for Mozambique, US operations
Graphite miner Syrah Resources has announced a A$98-million equity raising to preserve optionality its Balama mine in Mozambique, and support the ramp-up of downstream activities in the US.
Syrah will raise the funding through a fully underwritten institutional placement and 1 for 10.2 pro rata accelerated nonrenounceable entitlement offer.
The equity raising will be fixed at A$0.55 a new share, which is a discount to Syrah’s closing price on March 12.
Major shareholder AustralianSuper has committed to take up its full prorate entitlement and subscribe for new shares under the placement.
AustralianSuper and Syrah also agreed to the conversion of Series 1 and 3 notes into new shares at a revised conversion price of A$0.6688 a share. This will reduce the graphite company’s borrowings and resolve a material potential refinancing task in October.
“The equity raising and Series 1 and 3 notes conversion will enable the company to preserve optionality with respect to Balama’s operating model and support the continued ramp-up of production at Vidalia, and our path to product qualification and commercial sales,” said MD and CEO Shaun Verner.
He stated that funds from the equity raising will contribute to transition activities on the Vidalia Further Expansion project to achieve investment decision readiness.
Syrah aims to be a leading supplier of graphite and anode material products. In the US, it is ramping up its Vidalia active anode material facility.
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