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Syrah completes entitlement offer

11th July 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Graphite miner Syrah Resources has completed its fully underwritten one-for-five pro rata accelerated non-renounceable entitlement offer, raising A$55.8-million.

The institutional component of the entitlement offer closed on June 20 and raised some A$25.1-million, with the retail component closing on July 8, and raising a further A$30.7-million.

The entitlement offer formed part of a larger A$111.6-million capital raise announced last month, which also included a A$55.8-million convertible note placement with shareholder AustralianSuper.

The funds raised will be used towards the ramp-up of production at the Balama graphite project, in Mozambique.

Edited by Creamer Media Reporter

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