-- Syrah Resources (ASX:SYR) has completed the retail component of its 1 for 1.32 pro rata accelerated equity raise, receiving valid applications for about 230 million new shares, according to a Wednesday filing with the Australian bourse.
The company said about 356 million new shares, representing entitlements that were not taken up by eligible retail shareholders, will be allotted to AustralianSuper as the sub-underwriter of the retail component. AustralianSuper's stake in Syrah is expected to be about 49.6% once the equity raise is complete, per the filing.
The company will issue approximately 586 million new shares under the retail component on April 24.
The retail component generated about AU$61 million at a fixed price of AU$0.105 per new share, and together with the earlier institutional component, the equity raise has generated about AU$104 million.
Syrah will use the proceeds to fund working capital at its Vidalia processing facility in Louisiana and ramp up its Balama graphite operation in Mozambique to targeted levels, the company said.
Shares of Syrah Resources were down 2% in recent Wednesday trade.