** Shares of Sovereign Metals SVM.AX rise 2.5% to A$0.835
** Miner said it would raise A$40 million ($25.15 million) via discounted share placement to fund development of Kasiya Rutile Graphite Project
** Capital raise came as a surprise to Macquarie, who believed that the firm was fully funded for progression of study, indicating higher-than-forecast corporate and study costs
** Despite capital raise, no participation from heavyweight Rio Tinto RIO.AX, who holds a 19.9% stake in SVM, was indicated, potentially reducing its equity interest to approximately 18.5% — brokerage
** Nevertheless, Macquarie maintains "outperform" rating at reduced PT of A$1 from A$1.2, citing attractiveness of co's rutile and "globally significant" graphite resources
** Stock up 12.8% YTD
($1 = 1.5903 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))
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