This article is 5 years old. Images might not display.
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.
