Syrah Resources Raises A$104m as AustralianSuper Nears 50% Stake

Syrah Resources ( (AU:SYR) ) just unveiled an announcement.

Syrah Resources has completed the retail component of its fully underwritten accelerated non-renounceable entitlement offer, issuing approximately 586 million new shares at A$0.105 to raise about A$61 million from eligible retail investors. Together with the earlier institutional tranche, the total equity raising amounts to roughly A$104 million, with all new shares ranking equally with existing stock once they begin trading on the ASX.

A substantial shortfall of around 356 million retail entitlements will be taken up by AustralianSuper as sub-underwriter, lifting its expected holding in Syrah to about 49.6% and triggering an adjustment to the conversion price of its Series 4, 5 and 6 convertible notes. The fresh capital, alongside non-binding strategic funding proposals with U.S. government agencies and AustralianSuper, is earmarked to fund working capital for Vidalia’s ramp-up to commercial sales, increase production at Balama subject to demand, and cover costs associated with the funding initiatives, strengthening Syrah’s balance sheet and growth plans in the battery materials sector.

The most recent analyst rating on (AU:SYR) stock is a Sell with a A$0.10 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 is an ASX-listed resources company focused on graphite, operating the Balama graphite mine in Mozambique and developing the Vidalia active anode material facility in the United States. The company targets the battery supply chain, supplying critical materials for electric vehicle and energy storage markets.

Average Trading Volume: 6,803,908

Technical Sentiment Signal: Sell

Current Market Cap: A$265.1M

See more insights into SYR stock on TipRanks’ Stock Analysis page.