The Australian reported Syrah Resources (ASX:SYR) announced 7.75m new shares at $2.25 each, raising about $16m.
As quoted in the market news:
It owns the Balama graphite and vanadium project in the southern African country.
By coincidence, Syrah’s annual report also came out this morning and, in it, chairman Tom Eadie outlines what appeals about Balama.
As he notes, demand for graphite is growing by about 3 per cent a year but that is mainly off the back of traditional uses – in steel making (ladles and furnaces, because of its high heat resistance), brake linings and lubricants.