Sarytogan Graphite Limited (ASX: SGA) has received A$2,049,417 in cash from Kazakh investor Dias Sarsenov, completing the balance of his previously agreed A$3.62M equity subscription. The funds form part of a Share Subscription Agreement under which Sarsenov will acquire 45,217,557 Sarytogan shares at A$0.08 per share.
To expedite key contract awards for the Definitive Feasibility Study, Steinhardt Holding NV – an entity related to Sarsenov – advanced US$1M (A$1.54M) to Sarytogan in October 2025 as an interest‑free loan. This amount is now being offset against the agreed equity subscription, with the remaining A$2.05M delivered in cash.
All regulatory approvals for Sarsenov’s investment have been received from Kazakhstan’s Ministry of Industry and Construction, and Sarytogan shareholder approval was previously granted at the company’s AGM. As that approval has since lapsed, Sarytogan will instead use its placement capacity under ASX Listing Rules 7.1 and 7.1A to issue the shares. The company confirmed it will now move to appoint Sarsenov to its board, as previously agreed.
Sarytogan also provided an update on the European Bank for Reconstruction and Development (EBRD) top‑up placement announced in November 2025. The A$1.40M placement for 17,457,264 shares at A$0.08 remains subject to three approvals: Ministry of Industry and Construction approval (now received), FIRB clearance (received on 24 February 2026), and final Sarytogan shareholder approval at the EGM scheduled for 25 March 2026. The EGM will also consider ratification of the Sarsenov investment.
Once both placements are complete, Sarytogan expects its three largest shareholders – EBRD, Sarsenov, and founding director Dr Mueller – to collectively hold more than half of the company’s fully paid ordinary shares.
The company reaffirmed that the Definitive Feasibility Study for the Sarytogan Graphite Project remains on track for completion in mid‑2026.
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