Syrah Resources Ltd. said Oct. 16 that it raised A$9 million from a share purchase plan it launched after completing a A$94 million institutional placement in September.

The company issued 4,017,010 new shares at A$2.23 apiece under the plan. It originally intended to raise at least A$14 million.

Syrah Resources undertook the placement to support the ramp-up of its Balama graphite project in Mozambique and to advance its battery anode materials strategy to the end of 2019.

Earlier in October, the company decreased production guidance for Balama due to a five-week work stoppage related to a fire at the site.