PERTH (miningweekly.com) – ASX-listed Syrah Resources on Thursday announced that it would enlarge the take of its recently completed share purchase plan (SPP), after overwhelming support from shareholders.
The SPP target had initially been set at A$12-million, however, Syrah on Thursday said that the company had received some A$63.7-million worth of valid applications.
The board has now taken the decision to accept A$18-million of these applications.
The SPP allowed eligible shareholders the opportunity to subscribe for up to A$30 000 worth of new shares, priced at 90c a share, the same price as a previously completed A$56-million raising.
The funds raised will be used to progress Syrah’s natural graphite active anode material facility, in Louisiana, towards a final investment decision in the second half of this year, and to provide additional liquidity to manage a restart decision at Balama, in Mozambique.