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Syrah Resources ( (AU:SYR) ) just unveiled an update.
Syrah Resources Limited has announced a fully underwritten entitlement offer to raise approximately A$50 million and a placement to institutional investors to raise an additional A$20 million. The funds are intended to support the company’s operations and strategic initiatives. The entitlement offer includes both institutional and retail components, with specific eligibility criteria for participation. Ineligible retail shareholders will not be able to participate, and a nominee has been appointed to manage the sale of shares that would have been available to them. This capital raising effort is crucial for Syrah Resources as it aims to strengthen its financial position and continue its growth in the graphite market.
The most recent analyst rating on (AU:SYR) stock is a Hold with a A$0.30 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, which is one of the largest natural graphite deposits globally. Syrah Resources is committed to serving the growing demand for graphite in various markets, including battery production for electric vehicles and energy storage systems.
Average Trading Volume: 5,762,629
Technical Sentiment Signal: Sell
Current Market Cap: A$281.4M
For detailed information about SYR stock, go to TipRanks’ Stock Analysis page.