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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