- Write by:
-
Tuesday, March 12, 2024 - 21:15:55
-
97 Visit
-
Print
Australia’s Syrah Resources said on Wednesday it would raise A$98 million ($64.73 million) through a placement and an entitlement offer for funding its Balama graphite operations in Mozambique and its US-based Vidalia project.
Syrah’s largest shareholder and the country’s top pension fund AustralianSuper have agreed to the conversion of a 5-year unsecured convertible note issued in June 2019 and December 2023 into fresh shares in the miner, it said in a statement.
AustralianSuper had committed to subscribing for all shares under the placement and taking up its full pro-rata entitlement in the institutional entitlement offer, the company said.
The placement would be at a fixed price of A$0.55 per new share, which represented a discount of 19.1% to stock’s last closing price on March 12.
The company said it had agreed with AustralianSuper to the conversion of series 1 and 3 notes into new shares at a revised conversion price of A$0.6688 per share.
The company added that AustralianSuper’s shareholding would increase to no more than 31.9% post the completion of funding round, from around 17.8% earlier.
Around 178.2 million new shares would be issued under the placement and entitlement offer, Syrah said.
Short Link:
https://www.miningnews.ir/En/News/628135
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
The London Metal Exchange is imposing new rules surrounding the movement of metal in its warehousing network, taking aim ...
Canada has granted Airbus a waiver to allow it to use Russian titanium in its manufacturing after becoming the first ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
No comments have been posted yet ...