Sarytogan Graphite Receives AU$2.6 Million from European Bank forReconstruction and Development; Shares Soar 19%

MT Newswires Live11-22

Sarytogan Graphite (ASX: SGA) received AU$2.6 million in cash from the European Bank for Reconstruction and Development (EBRD) for its first tranche equity investment, according to a Friday filing with the Australian bourse.

The company will issue 16.5 million shares at AU$0.16 each, giving EBRD a 9.99% stake in the company, the filing said.

A second tranche, subject to approval from Australia's Foreign Investment Review Board (FIRB), will see the issue of 31.3 million shares at AU$0.16 each, raising the total equity investment to AU$5 million and increasing EBRD's stake in the company to 17.36%, the filing added.

The bank is also seeking approval from the FIRB to increase its stake to 19.99% over the next year.

The funds received will be used to support the milling of bulk samples in Kazakhstan, the testing of Sarytogan's Micro80C product for ductile cast-iron production, and the recruitment of key management positions.

The company's shares soared past 19% in recent Friday trade.

Price (AUD): $0.10, Change: $+0.02, Percent Change: +19.27%

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