$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.
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.
The Income available from dividends remains attractive for many investors.
We take a look at the best yields on the market and assess what they say about a company’s prospect.
One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkine’s team of analysts bought you handpicked report for “Top 25 Dividend Stocks For 2018.”
ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.
Click here to get your free report.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.