Syrah Resources Ltd.: Completion of $35 million Institutional Equity Placement
December 13, 2013 (Source: Syrah Resources) — Syrah Resources Ltd (ASX: SYR) (“Syrah” or the “Company”) is pleased to announce that it has successfully completed an institutional equity placement (“Placement”) of approximately 13.7 million new fully paid ordinary shares to raise approximately $35 million of additional capital.
The funds raised from the Placement will be used for the following:
- Finalisation of the Balama Feasibility Study (expected in Q1 CY2014);
- Pre-ordering long lead time items for Balama;
- Early stage development work at Balama;
- Working capital requirements and corporate overheads; and
- Transaction costs associated with the Placement
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Settlement of the Placement is scheduled to occur on 19 December 2013 and the new shares are expected to be allotted and commence trading on 20 December 2013. New shares issued under the Placement will rank equally with existing SYR fully paid ordinary shares.
Credit Suisse (Australia) Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers to the Placement.
About Syrah Resources
Syrah Resources (ASX code: SYR) is an Australian resource company with a diversified exploration portfolio located in southeast Africa. The Company is rapidly progressing its core Balama Graphite and Vanadium Project in Mozambique to production. Balama is a 106 km2 granted prospecting licence located within the Cabo Delgado province in the district of Namuno in northern Mozambique. The project is approximately 265 km by road west of the port town of Pemba. Pemba Port is a deep-water container port, and the third largest in Mozambique. The Balama Project site is accessible by a sealed, main road, running directly from the airport and Pemba Port. The main road is located 1 km from the airport.
Syrah’s exploration portfolio also includes a strategic mineral sands portfolio in Tanzania, comprising eight tenement areas, some with high grade heavy mineral intersections, and the Nachingwea graphite project in Tanzania.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>