Surging interest in shares sees Syrah's SPP expanded

SYRAH Resources has enjoyed similar strong demand for its stock in a share purchase plan as junior graphite contender Talga Group, with nearly $64 million worth of Syrah’s shares applied for in a $12 million raising.
Surging interest in shares sees Syrah's SPP expanded Surging interest in shares sees Syrah's SPP expanded Surging interest in shares sees Syrah's SPP expanded Surging interest in shares sees Syrah's SPP expanded Surging interest in shares sees Syrah's SPP expanded

Syrah's Balama operation, Mozambique

Due to the strong demand, Syrah will now raise $18 million in the SPP, which followed a $56 million raising involving undisclosed institutional investors.

Talga sought $10 million and received applications for $53 million.

The strong investor interest being shown in the graphite stocks is in line with bullishness around commodities in general and battery/renewable energy-inputs in particular, as well as a geopolitical push to break the stranglehold China has in the latter sphere.

Syrah's raising of funds comes as its moves towards a development decision on an active anode material - for use in batteries - plant in Louisiana, to be fed by its currently idled Balama graphite operation in Mozambique.

Shares in Syrah closed down 7% at $1.22 on Monday, capitalising the company at $582 million.

The $74 million worth of raisings now being completed by Syrah priced new shares at 90c each.