Syrah Resources
Syrah Resources' Balama graphite project flotation plant.

Syrah Resources has successfully completed an institutional placement to professional and sophisticated investors of 42.2 million new fully paid ordinary shares to raise approximately A$94 million.

The Placement was well supported with strong bids by both existing and new investors.

The Shares issued under the Placement  will represent approximately 12.4% of Syrah Resources’ undiluted share capital immediately following completion of the Placement.

Settlement of the Placement is expected to occur on Friday, 7 September 2018.

New Shares issued under the Placement will rank equally with existing Syrah Resources Shares on issue and are expected to commence trading on the ASX on Monday, 10 September 2018.

The trading halt in respect of the company’s shares is expected to be lifted at market open today.

“We are very pleased with the strong level of support that Syrah has received for this Placement,” comments Syrah Resources MD and CEO, Shaun Verner.

“The company is now in a robust financial position to achieve our key objectives, which include completing the ramp-up of Balama through to positive cash flow, progressing our BAM strategy to the end of 2019, and undertaking further evaluation of the Vanadium Resource at Balama.

“The lithium-ion battery sector continues to advance at a rapid rate and creates substantial opportunity for Syrah Resources – with the delivery of our objectives we will be best placed to maximise this opportunity for the benefit of our shareholders,” he continues. 

Following completion of the Placement, Syrah Resources will offer eligible shareholders in Australia and New Zealand the right to participate in a Share Purchase Plan.

A SPP Booklet is expected to be dispatched to eligible shareholders on Tuesday, 11 September.