Syrah’s funding is expected to be completed quickly, with Bank of America’s equities calling for bids by 5pm on Monday.
Syrah raised $18 million from investors in January in a process in which investors applied for more than $60 million of new shares. Before the shutdown, Syrah in 2019 had already announced production cuts at Balama due to weakening market conditions, and that was followed by a company restructure in 2019’s September quarter when the head count at Balama was cut by 30 per cent.
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