Renascor Resources (ASX:RNU) raises $65m for Siviour project

• Renascor Resources (RNU) has received binding commitments to raise $65 million to progress its Siviour project in South Australia
• The company’s single tranche placement will see around 241 million shares issued at 27 cents each, marking a 12.9 per cent discount to the company’s last closing price
• Renascor aims to raise a further $10 million through a share purchase plan, with shares offered at the same price as the placement
• The funds are set to go towards long lead-time procurement and acquisitions at the battery anode material project, with $15 million for front-end engineering and detailed design
• Shares last traded at 31 cents on April 20

Renascor Resources (RNU) has raised $65 million following binding commitments for a placement to progress its Siviour project in South Australia.

The company has emerged from a trading halt to reveal its single tranche placement attracted strong support from both new and existing shareholders. Moreover, it received demand in significant excess of the placement size.

Through the placement, around 241 million shares will be issued at 27 cents each. This price marks a 12.9 per cent discount to the company’s last closing price of 31 cents on April 20.

Renascor will also offer a share purchase plan to existing shareholders with the aim of raising an additional $10 million. Under this offer, shareholders will be able to acquire shares up to $30,000 at the same issue price as the placement.

The funds under the placement will be primarily used to expand and accelerate the company’s Siviour Battery Anode Material project.

In particular, $18 million will go towards long lead-time procurement and acquisitions, and $15 million for front-end engineering and detailed design including stage one expansion.

“The result of the capital raise is an outstanding endorsement of Renascor’s ambition to
become a supplier of 100 per cent Australian-made and low-cost purified spherical graphite for lithium-ion battery anode makers worldwide,” Managing Director David Christensen said.

“The funds raised will allow Renascor to accelerate the development of an expanded Stage one operation that will aim to capture the substantial value inherent in the growing demand for the Siviour PSG product.”

Shares last traded at 31 cents on April 20.