Tirupati Graphite plc (LON:TGR, TGRHF.OTCQX), the specialist Flake Graphite company and supplier of the critical mineral for the global energy transition, has announced the issue of 6,556,554 consideration shares to Battery Minerals Limited (ASX:BAT) as part of tranche 2 of the acquisition agreement of Suni Resources SA (See RNS 19th April 2023).
Admission of the Consideration Shares to the Standard Segment of the Official List of the Financial Conduct Authority (“FCA”) and to trading on the Main Market of the London Stock Exchange, is expected to become effective on or around 8.00 a.m. on Wednesday 20 December 2023.
Following the issue of Consideration Shares the Company’s issued share capital will comprise 114,799,220 ordinary shares of £0.025 each. The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
Shishir Poddar Tirupati Graphite Executive Chairman said:
“Concluding the acquisition of Suni Resources is a significant milestone for the Company as it has acquired two advanced stage, world-class and construction ready natural Graphite projects in the world’s largest Graphite producing region outside of China, in northern Mozambique. This comes at a time of major tailwinds for companies outside of China able to offer current and near-term supply from quality projects, and we look forward to updating the market further in due course.”
Tirupati Graphite Plc is a specialist Graphite producer and a supplier of critical minerals for a decarbonised economy and the energy transition. The Company places a special emphasis on green applications including renewable energy, e-mobility, energy storage and thermal management, and is committed to ensuring its operations are sustainable.
The Company’s operations include primary mining and processing in Madagascar where the Company operates two key projects, Sahamamy and Vatomina with a combined 30,000 tpa of currently installed capacity, producing high-quality flake graphite concentrate with up to 97% purity and selling to customers globally.
The Company has also acquired two advanced stage, world class, natural graphite projects in Mozambique. Work has already commenced to optimise the economics for development of the Montepuez graphite project, which is permitted for 100,000tpa production and where substantial construction work has already been undertaken by the previous operator.
