Syrah Resources completes $61m retail offer, AustralianSuper to take 49.6% stake
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The news: Graphite producer Syrah Resources has completed a $61 million retail entitlement offer, which is set to give AustralianSuper a 49.6% stake in the company after underwriting the full $104 million equity raise.
The context: Syrah said proceeds from the raise will primarily be used to fund working capital at its graphite processing facility in Vidalia, USA, as well as ramp-up of its Balama mine in Mozambique.
The company also said it is advancing the implementation of previously announced non-binding strategic funding proposals with the United States International Development Finance Corporation, United States Department of Energy, and AustralianSuper.
The source: ASX
