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.