Renascor Resources (ASX:RNU) raises $15M for Siviour project
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Renascor Resources (RNU) is raising $15 million to develop its Siviour Battery Anode Material Project in South Australia
The institutional placement will issue 187.5 million shares at 8 cents — marking a 15.4 per cent discount to the five-day volume-weighted average price
Positively, the fresh capital means the graphite operation is fully funded to reach the construction phase, which is expected to commence next year
This is part of Renascor's goal of supplying high-value purified spherical graphite for the global lithium-ion battery and electric vehicle market