Syrah Resources successfully completes underwritten institutional placement and entitlement offer

Syrah Resources Limited (ASX: $SYR) has successfully completed its fully underwritten institutional placement and the accelerated institutional component of its entitlement offer. The company raised approximately A$80 million from both existing and new institutional shareholders at a fixed price of A$0.55 per new share. Approximately 85% of entitlements available to eligible institutional shareholders were taken up, demonstrating strong support for the offer. The placement and institutional entitlement offer attracted significant interest, providing funding for the company's strategic initiatives.

Executive commentary on successful completion of placement and entitlement offer

Syrah Managing Director and CEO Shaun Verner expressed satisfaction with the strong support received from existing shareholders and the welcome to new investors. He highlighted that the equity raising provides funding to preserve optionality with respect to Balama's operating mode, support the continued ramp-up of production at Vidalia, and progress the Vidalia Further Expansion project to FID readiness. The successful completion of the placement and entitlement offer reflects confidence in the company's strategic direction and growth prospects.

Summary of completion of placement and entitlement offer

Syrah Resources has successfully raised approximately A$80 million through a fully underwritten institutional placement and entitlement offer. The strong support from both existing and new institutional shareholders demonstrates confidence in the company's strategic initiatives. The funding will be utilized to preserve operational flexibility, support production ramp-up, and progress key projects. With the completion of the placement and entitlement offer, Syrah expects to recommence trading on ASX, signaling a positive outlook for the company's future endeavors.