The Market Herald: Renascor Resources (ASX:RNU) completes $70m placement to accelerate Siviour development

Renascor Resources (RNU) has successfully completed its $70 million institutional placement to accelerate the development of the Siviour battery anode material (BAM) project in South Australia.

As announced to the market on December 7, the company will issue 254.5 million new shares at 27.5 cents, which represents a 14.2 per cent discount to its 10-day volume-weighted average price.

Commenting on the placement, Managing Director David Christensen said the completion of the placement finishes off a “transformational year” for the company.

“The strong demand received from both domestic and offshore institutional investors is a testament to the world-class nature of the BAM project and the significant steps undertaken by the company to progress its development,” Mr Christensen said.

“The introduction of these high-quality investors, together with the support shown by existing shareholders, has provided Renascor with the flexibility to bring forward construction and operation of the Siviour upstream operations and allows the company to take a staged, de-risked approach to BAM project development.”

Settlement of the placement shares is expected to take place on December 14.

Renascor will have approximately $140 million in funds following the placement.

Barrenjoey Markets, Canaccord Genuity and Petra Capital acted as joint lead managers, bookrunners and underwriters to the Placement.

BurnVoir Corporate Finance acted as financial adviser to the company.

Shares in Renascor were down 5.47 per cent, trading at 30.3 cents as of 1:55 pm AEDT.

Source: The Market Herald