@Flipper1970 It was an equity placement, announced 20th June....

@Flipper1970

It was an equity placement, announced 20th June. This is the first two paragraphs of the announcement. No debt finance.

Syrah Resources Ltd (ASX: SYR) (“Syrah” or the “Company”) is pleased to announce that it has successfully completed an institutional placement to professional and sophisticated investors (“Offer”) of 32 million new fully paid ordinary shares to raise approximately A$194 million of additional capital. The Offer was heavily oversubscribed, reflecting the quality of the Balama Project in Mozambique and confidence in Syrah’s strategy to become a leading supplier of graphite to industrial and high growth, emerging technology markets.
Under the terms of the Offer, institutional investors will subscribe for 32 million new shares in the Company at A$6.05 per share (“Offer Price”), to raise approximately A$194 million before costs. The Shares issued under the Offer (“New Shares”) will represent approximately 12.2% of the Company’s undiluted share capital immediately following completion of the Offer. New Shares issued under the Offer will rank equally with existing Syrah shares. The Company is not required to seek shareholder approval for the issue of the New Shares.