Syrah aiming to raise A$110m for Mozambique project

Graphite developer Syrah Resources is hoping to raise A$110-million through a share placement and pro-rata accelerated nonrenounceable entitlement offer to fund the development of its Balama project, in Mozambique, and to provide working capital. The company said on Tuesday that some 7.4-million new shares would be offered to eligible institutional investors at A$3.38 each, to raise an initial A$25-million.