Brief: Syrah Resources To Raise Around A$98 Million Through Underwritten Institutional Placement

Syrah Resources

13/03/2024 24:54

March 13 (Reuters) - Syrah Resources Ltd  SYR.AX :
    * TO RAISE AROUND A$98 MILLION THROUGH FULLY UNDERWRITTEN
INSTITUTIONAL PLACEMENT
    * SYRAH AND AUSTRALIANSUPER AGREED TO CONVERSION OF SERIES 1
AND 3
NOTES 2 INTO NEW SHARES
    * PROCEEDS OF RAISING BE USED TO PRESERVE BALAMA OPERATING
MODE
OPTIONALITY, FUND VIDALIA OPERATING COSTS, AMONG OTHERS
    * EQUITY RAISING WILL BE AT A FIXED PRICE OF A$0.55 PER NEW
SHARE
    * CONVERSION OF SERIES 1 AND 3 NOTES 2 INTO NEW SHARES AT
REVISED
CONVERSION PRICE OF A$0.6688 PER SHARE
    * AUSTRALIANSUPER'S SHAREHOLDING IN SYRAH IS EXPECTED TO
INCREASE
FROM 17.8% TO NO MORE THAN 31.9% ON COMPLETION

Further company coverage:  SYR.AX 

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