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  • Renascor Resources (RNU) closes its share purchase plan (SPP) after receiving $279,000 worth of applications
  • The plan followed the company’s recently completed placement which raised $65 million from institutional, sophisticated and professional investors
  • As originally stated, the SPP aimed to raise up to $10 million, however, no further details were given regarding the amount raised
  • Renascor will use the money from the placement and SPP to fund the expansion and development of its Siviour graphite and battery anode material project in South Australia
  • Shares in Renascor are trading 4.08 per cent higher at 25.5 cents at 10:39 am AEST

Renascor Resources (RNU) has closed its share purchase plan (SPP) after receiving $279,000 worth of applications.

The plan followed the company’s recently completed placement which raised $65 million from institutional, sophisticated and professional investors.

As originally stated, the SPP aimed to raise up to $10 million, however, no further details were given regarding the amount raised.

Eligible shareholders were able to subscribe for up to $30,000 worth of shares that were priced at 27 cents, representing an 11.9 per cent discount to the five-day volume-weighted average price.

Shares will be issued on Tuesday, May 24.

Renascor will use the money from both the placement and SPP to fund the expansion and development of its Siviour graphite and battery anode material project in South Australia.

The Siviour Project is the world’s second-largest proven graphite reserve and the largest graphite reserve outside of Africa.

The project hosts the Siviour graphite deposit, the Siviour graphite mine and concentrator, and the purified spherical graphite production facility.

Following the completion of the placement and share purchase plan, Renascor has a current cash balance of $75 million and conditional approval for a $185 million loan under the Australian Government’s Critical Minerals Facility.

Shares in Renascor were trading 4.08 per cent higher at 25.5 cents at 10:39 am AEST.

RNU by the numbers
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