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An announcement from Syrah Resources ( (AU:SYR) ) is now available.
Syrah Resources Limited has successfully completed the retail component of its entitlement offer, raising approximately A$28 million. This, combined with the institutional component, totals around A$70 million, which will be used to fund Vidalia operating costs, a reserve account, transaction costs, and general corporate purposes. The completion of this equity raising adjusts the conversion price of AustralianSuper’s convertible notes and increases their voting power in Syrah to approximately 34.3%.
The most recent analyst rating on (AU:SYR) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Syrah Resources stock, see the AU:SYR Stock Forecast page.
More about Syrah Resources
Syrah Resources Limited is a company operating in the mining industry, primarily focusing on the production and supply of graphite. The company is known for its Balama Graphite Operation in Mozambique and is involved in the development of the Vidalia Active Anode Material Facility in the United States, aiming to supply graphite products to the electric vehicle and battery markets.
Average Trading Volume: 5,745,797
Technical Sentiment Signal: Sell
Current Market Cap: A$412.4M
See more insights into SYR stock on TipRanks’ Stock Analysis page.