Renascor to raise A$15m for Siviour work
PERTH (miningweekly.com) – Graphite developer Renascor Resources will raise A$15-million through a share placement to fund the technical, regulatory and marketing workstreams for its Siviour battery anode material project, in South Australia, ahead of a final investment decision.
The company told shareholders on Friday that it had received firm commitments for the placement of 187.5-million shares at a price of 8c each, from institutional investors in both Australia and overseas.
The placement price represents an 11.1% discount to Renascor’s last closing price, and a 15.4% discount to its five-day volume weighted average share price.
The placement will be completed under the company’s existing placement capacity, and will not require shareholder approval.
“The success of the placement is a strong endorsement of Renascor’s ambitions to become the world’s first integrated, in-country mine and purified spherical graphite (PSG) operation outside of China at a time of increasingly strong demand for battery anode material to feed the electric vehicle revolution,” said Renascor MD David Christensen.
“The placement follows Renascor having secured non-binding offtake memorandums of understanding with two leading anode companies and a leading Japanese trading company for up to 30 000 t/y of PSG and our subsequent decision to investigate a significant capacity expansion based on strong inbound interest for the Siviour PSG product.”
Christensen said on Friday that the capital raise would ensure that Renascor was sufficiently funded to a final investment decision, with the company now well placed to complete all of the remaining development work necessary to reach the construction phase.
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