Syrah Resources Ltd. Announces Outcome of Retail Entitlement Offer
26.08.2015 | ABN Newswire
Melbourne, Australia (ABN Newswire) - Syrah Resources Ltd. (ASX:SYR) announced a capital raising of approximately A$211 million by way of a fully underwritten institutional placement (Placement) and 4 for 19 accelerated renounceable entitlement offer (Entitlement Offer). As announced by Syrah on 6 August 2015, the Placement and the institutional component of the Entitlement Offer were strongly supported and raised approximately A$166 million.
The retail component of the Entitlement Offer (Retail Entitlement Offer) closed on 21 August 2015, and was conducted during a period of difficult conditions in financial markets. Eligible retail shareholders subscribed for approximately 600,000 new shares under the Retail Entitlement Offer, resulting in a shortfall of approximately 13.5 million new shares. These new shares will be offered for sale under a bookbuild process to be conducted today (Retail Bookbuild). Importantly, given the Retail Entitlement Offer is fully underwritten, raising the remaining funds under the Retail Entitlement Offer is not dependent on participation in the Retail Bookbuild.
The settlement date for the new shares issued under the Retail Entitlement Offer and the Retail Bookbuild is 1 September 2015. These new shares are expected to be issued on 2 September 2015 and to commence trading on ASX on 3 September 2015.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
About Syrah Resources Ltd:
Syrah Resources (ASX:SYR) is an Australian resource company with a diversified exploration portfolio located in south eastern Africa. The Balama Graphite and Vanadium project is Syrah's top priority project, and has progressed rapidly from exploration towards development and completion of a feasibility study.
Contact:
Melanie Leydin, Company Secretary
Syrah Resources Ltd.
T: +61-3-9670-7264
E: enquiries@syrahresources.com.au
www.syrahresources.com.au