$94 million of capital raising did not seem to please the investors as the Syrah Resources’ share price continues to hit the ground.
Syrah Resources Limited (ASX: SYR) pressed the paused button yesterday, i.e. 4 September 2018, but following the release of company’s pending announcement today, the stock resumed trading. Since this morning, the stock has fallen 3.455% to $2.375 even after the company has announced the successful completion of $94 million fund raising via an institutional placement.
As per the release, the company has successfully completed the institutional placement of 42.2 million new fully paid ordinary shares to raise approximately A$94 million. [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]
The proceeds from this placement are reported to be utilized in the ramp-up of Balama Graphite operations which contains a significant Vanadium Resource. Balama is reported to be on track to achieve CY2018 production guidance of 135kt to 145kt, enabled by significant month on month production performance improvement.
Settlement of the Placement is expected to happen on 7 September 2018 under which equally ranked new shares of Syrah Resources Limited would be issued to kick off start trading from an expected date of 10 September 2018. However, shares issued under the Placement will represent approximately 12.4% of Syrah’s undiluted share capital.
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