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Australia’s Syrah Resources said on Wednesday it would raise A$98 million ($64.73 million) through a placement and an entitlement offer for funding its Balama graphite operations in Mozambique and its US-based Vidalia project.
Syrah’s largest shareholder and the country’s top pension fund AustralianSuper have agreed to the conversion of a 5-year unsecured convertible note issued in June 2019 and December 2023 into fresh shares in the miner, it said in a statement.
AustralianSuper had committed to subscribing for all shares under the placement and taking up its full pro-rata entitlement in the institutional entitlement offer, the company said.
The placement would be at a fixed price of A$0.55 per new share, which represented a discount of 19.1% to stock’s last closing price on March 12.
The company said it had agreed with AustralianSuper to the conversion of series 1 and 3 notes into new shares at a revised conversion price of A$0.6688 per share.
The company added that AustralianSuper’s shareholding would increase to no more than 31.9% post the completion of funding round, from around 17.8% earlier.
Around 178.2 million new shares would be issued under the placement and entitlement offer, Syrah said.
($1 = 1.5140 Australian dollars)
(By Roshan Thomas; Editing by Sherry Jacob-Phillips and Rashmi Aich)
2 Comments
Wayne G
Lithium miner? Its graphite for a start
Amanda Stutt
Thanks Wayne, we’ve updated the post.
Cheers,
Amanda