Announces Successful Completion of Entitlement Offer
Melbourne, Aug 27, 2015 AEST (ABN Newswire) - Syrah Resources Ltd (
ASX:SYR) today announced the successful completion of its 4 for 19 accelerated renounceable entitlement offer (Entitlement Offer), which concludes the capital raising announced by Syrah on 3 August 2015.
The bookbuild of shortfall entitlements under the retail component of the Entitlement Offer (Retail Bookbuild) was conducted yesterday. A clearing price of at least equal to the offer price under the Entitlement Offer, being A$3.25 per new share (Offer Price), was not able to be achieved. Accordingly, retail shareholders who did not take up their full entitlement, and ineligible retail shareholders, will not receive any premium for their renounced entitlements.
Approximately 13.5 million new shares were offered for sale under the Retail Bookbuild. As the Entitlement Offer is fully underwritten, these shares will be subscribed for at the Offer Price in accordance with the underwriting and sub-underwriting arrangements.
The retail component of the Entitlement Offer will raise approximately $45 million.
Together with the amounts raised under the institutional component of the Entitlement Offer and the institutional placement, Syrah will raise approximately A$211 million from the capital raising.
Chairman of Syrah, James Askew, said: "We are delighted to have successfully completed the Entitlement Offer and concluded this important capital raising. The Board and Management are excited to focus their attention on the development of the Company's world class Balama Graphite Project."
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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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