Syrah Resources has successfully raised $42 million through a placement and the institutional component of its accelerated non-renounceable entitlement offer. The offer was structured on a one-for-5.42 basis, with both tranches priced at $0.26 per share. Syrah Resources is an Australian industrial minerals and technology company producing graphite and graphene. It aims to be a world-leading supplier of high-quality graphite products.
The raising generated $20 million through the issue of 76.9 million new shares. The institutional entitlement offer contributed a further $22 million, facilitated by the issue of 86.5 million new shares. Strong participation was evident, with 86 per cent of available entitlements being taken up by eligible institutional investors.
Settlement of the institutional offer is scheduled for August 6, followed by allotment and trading on the Australian Securities Exchange (ASX) on August 7. Syrah Resources is expected to resume trading at 10am AEST. The fully underwritten retail entitlement offer is set to open on August 6 and will remain open until 5pm AEST on August 20.