Syrah Resources to Raise AU$211 Million for Balama

Mining Weekly reported that Syrah Resources Ltd. (ASX:SYR) has announced plans to raise AU$211 million to develop its Mozambique-based Balama project.
As quoted in the market news:

The company would raise the funds through an institutional placement and pro rata renounceable entitlement offer, which have both been fully underwritten.
The placement would be priced at A$3.25 a share to raise some A$98-million, with the shares issued under the placement representing a 13% share in Syrah, on the completion of the capital raise.
Under the entitlement offer, Syrah shareholders would be able to subscribe for four new shares for every 19 shares held, with the offer also priced at A$3.25 a share.
The entitlement offer was expected to raise A$113-million and would comprise an accelerated institutional component and a retail component.
The offer price represented an 11.7% discount to the last closing price of Syrah shares.

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