Announces Outcome of Retail Entitlement Offer
Melbourne, Aug 26, 2015 AEST (ABN Newswire) - Syrah Resources Limited (
ASX:SYR) announced a capital raising of approximately A$211 million by way of a fully underwritten institutional placement (Placement) and 4 for 19 accelerated renounceable entitlement offer (Entitlement Offer).
As announced by Syrah on 6 August 2015, the Placement and the institutional component of the Entitlement Offer were strongly supported and raised approximately A$166 million.
The retail component of the Entitlement Offer (Retail Entitlement Offer) closed on 21 August 2015, and was conducted during a period of difficult conditions in financial markets. Eligible retail shareholders subscribed for approximately 600,000 new shares under the Retail Entitlement Offer, resulting in a shortfall of approximately 13.5 million new shares. These new shares will be offered for sale under a bookbuild process to be conducted today (Retail Bookbuild). Importantly, given the Retail Entitlement Offer is fully underwritten, raising the remaining funds under the Retail Entitlement Offer is not dependent on participation in the Retail Bookbuild.
The settlement date for the new shares issued under the Retail Entitlement Offer and the Retail Bookbuild is 1 September 2015. These new shares are expected to be issued on 2 September 2015 and to commence trading on ASX on 3 September 2015.
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About Syrah Resources Ltd
Syrah Resources (ASX:SYR) is an Australian resource company that is rapidly progressing its flagship Balama Graphite and Vanadium Project in Mozambique to production. The Project hosts the largest graphite ore reserves in the world with an Australasian Joint Ore Reserves Committee (JORC) compliant Ore Reserve of 81.4 Mt at 16.2% total graphitic carbon. Balama is a 110 km2 granted Mining Concession located within the Cabo Delgado province in the district of Namuno in northern Mozambique. The Project is approximately 260 km by road west of Pemba and is accessible by a sealed, main road, running directly from Pemba Airport. The Port of Nacala is approximately 490 km by road south east of the Project and is the deepest port in Southern Africa.
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