- Syrah Resources (SYR) raises a total $250 million from its retail and insitutional entitlement offers for its Vidalia and Balama projects
- The retail component was completed on Monday and will see 38 million new shares issued at a price of $1.48 each
- At the Vidalia project, funds will be used for the costs of operations, expansion studies, product development, and the remaining capital costs for the Vidalia Initial Expansion
- The Balama project will utilise the money for tailings storage facility (TSF) expansion and sustaining capital costs, working capital, and general corporate purposes.
- Shares were trading 0.72 per cent higher today at $1.40 each
Syrah Resources (SYR) has raised a total of $250 million for its Vidalia and Balama projects.
The total funds raised are a combination of the retail component, completed on Monday and the institutional component, completed earlier in the month.
At the Vidalia project, funds will be used for the costs of operations, expansion studies, and product development as well as the remaining estimated installed capital costs for the Vidalia Initial Expansion.
At the Balama project, the money will be utilised for tailings storage facility (TSF) expansion and sustaining capital costs, working capital, and general corporate purposes.
Some of the funds will also be used to cover the costs associated with the capital raise.
The retail component saw shares offered at a price of $1.48 on the basis of 1 share for every 5.9 held.
About 38 million new shares will be issued on March 7 with trading to commence on March 8.
Eligible retail shareholders who subscribed for additional shares under the Top-Up Facility will receive the full allocation they applied for.
Shares were trading 0.72 per cent higher today at $1.40 each at 1:15 pm AEDT.