PERTH (miningweekly.com) – Graphite developer Renascor Resources has completed its A$70-million fully underwritten institutional placement, issuing 254.5-million shares at a price of 27.5c each.
The company this week launched the capital raise to progress its Siviour battery anode material (BAM) project, in South Australia.
“The completion of this placement caps off a transformational year for Renascor. The strong demand received from both domestic and offshore institutional investors is a testament to the world-class nature of the BAM project and the significant steps undertaken by the company to progress its development, following the recent receipt of the Program for Environment Protection and Rehabilitation approval and grant of a conditional A$185-million Australian government loan under the Critical Minerals Facility,” said MD David Christensen.
“The placement was well supported by existing Renascor shareholders and will also see a range of new institutional investors join the register. The introduction of these high-quality investors, together with the support shown by existing shareholders, has provided Renascor with the flexibility to bring forward construction and operation of the Siviour upstream operations and allows the company to take a staged, derisked approach to BAM project development.”
Renascor is aiming for a final investment decision on the BAM project in 2023.