Syrah Resources has completed the retail component of a non-renounceable entitlement offer, raising around A$98m ($65m).

The company will issue around 37 million new shares at A$0.55 each on 10 April 2024, with these shares due to start trading on the Australian Securities Exchange the following day.   

Funds will be directed towards the operational costs and reserve accounts of the Vidalia facility, in addition to covering the costs associated with the facility’s expansion and general corporate purposes.

Syrah’s existing cash balance, along with the newly raised capital, will also support the transition activities for the Vidalia Further Expansion project, ensuring it reaches final investment decision readiness, and will provide working and sustaining capital for the Balama project.

The company confirmed the receipt of valid applications from eligible retail shareholders for nearly three million new shares.

Those who applied for additional shares through the oversubscription facility will receive their full requested allocation, noted Syrah.

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Around 34 million new shares, which were not claimed by eligible retail shareholders, along with the entitlements of ineligible foreign shareholders, will be allocated to the offer’s sub-underwriters.

In February this year, Syrah began producing active anode material (AAM) at its plant in Vidalia, Louisiana, US, thereby becoming the first commercial-scale, vertically integrated natural graphite AAM supplier outside China.

The facility’s current AAM production capacity is 11.25 kilotonnes per annum (ktpa). The company is looking to expand this capacity to 45ktpa in the future.