Sarytogan Graphite engages experienced marketing executive
The company will also airlift 100kg of its Micro80 product to the United States for purification to ultra-high purity fines and for spheronisation to yield spherical purified graphite, which will be available to possible future customers for their own validation tests.
Sarytogan is looking to secure offtake agreements this year for each of its product groups to complement the significant strides it has already made on the project’s technical development and in gaining the strong financial support of the European Bank for Reconstruction and Development, Sarytogan’s major shareholder.
The company secured the first tranche of $2,641,210 in equity investment cash from the bank about a month ago and has issued it 16,507,563 shares. The bank now holds 9.99 per cent of the company.
A further tranche is expected ahead of the long-stop date of February 8 agreed with Australia’s Foreign Investment Review Board, which will take the bank’s total commitments to $5 million.
The European bank’s equity in the company will increase to 17.36 per cent, which Sarytogan welcomes as a ringing endorsement of its credibility and project quality, underpinned by its recently estimated indicated and inferred resource of 229 million tonnes at 28.9 per cent total graphitic carbon.
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