REG - Tirupati Graphite - £4.5 million Convertible Loan Note Subscriptions

Tirupati GraphiteAnnouncement

Mon 08:45

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RNS Number : 2481I  Tirupati Graphite PLC  12 May 2025

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this information is
considered to be in the public domain.

 

 

12 May 2025

Tirupati Graphite plc

 

('Tirupati', or the 'Company' and together with its subsidiaries, the "Group")

 

£4.5 million Convertible Loan Note Subscriptions

 

Tirupati Graphite plc (TGR.L), the specialist flake graphite company and
producer of this critical mineral for the global energy transition, is pleased
to announce that it has received total subscriptions for its placing of
zero-coupon Convertible Notes ("2025 Notes") of £4.5 million. Acceptance of
new subscriptions has now closed. The total includes the first round of
subscriptions earlier in 2025 and significantly exceeds the Company's target
to raise at least £2.5 million from the placing.

 

As previously announced, the 2025 Notes will be convertible at the option of
the holder, and by the Company when the conversion shares can be admitted to
trading, at a share price of 3.75 pence per ordinary share, once: (i) the
Company has received approval from shareholders in a general meeting for the
issue of the conversion shares; (ii) listing of the Company's ordinary shares
on the LSE is resumed and the present suspension is lifted, which requires
filing of the 31 March 2024 annual report and audited financial statements, as
well as the 30 September 2024 half year accounts; and (iii) approval is
received for the prospectus required for issue of the new shares.
 Preparation for all of the above steps is in hand and an update will follow
in due course.

The Company has received investments in the 2025 Notes from certain directors
and executives as below:

 

£200,000         - Mark Rollins, Executive Chairman

£100,000         - Murat Erden (before resignation in February 2025),
Non-Executive Director

£50,000           - Christian Dennis, Non-Executive Director

£40,000           - Peter Thomas, Interim CFO

 

£50,000 was received from Optiva Securities Limited; a related party by
virtue of Mr Dennis being a director of that company.

 

ENDS

 

For further information, please
visit https://www.tirupatigraphite.co.uk/ or contact:

 

 Tirupati Graphite Plc                         info@tirupati.co.uk

 Mark Rollins - Executive Chairman             IR@tirupati.co.uk

 Alastair Bath - Investor Relations            +44 7356 057 265

 Optiva Securities Limited (Placing Agent)     corporatebroking@optivasecurities.com

 Vishal Balasingham                            +44 20 3137 1904
 Novum Securities Limited (Placing Agent)      corporatebroking@novumsecurities.com

 Gavin Burnell                                 +44 (0)20 7399 9400
 CMC Markets UK Plc (Broker)

 Douglas Crippen                               +44 (0)20 3003 8632
 FTI Consulting (Financial PR)                 +44 (0) 20 3727 1000

 Ben Brewerton / Nick Hennis / Lucy Wigney     tirupati@fticonsulting.com

 

About Tirupati Graphite Plc

 

Tirupati Graphite is a specialist graphite producer and a supplier of the
critical mineral for a decarbonised economy and the energy transition, with
leading low development capital and operating costs. 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 Group's operations include primary mining and processing in Madagascar
where the Group operates two key projects, Sahamamy and Vatomina with a
combined installed final production nameplate capacity of 30,000tpa, subject
to minor capex additions. The Madagascar operations produce high-quality flake
graphite concentrate with up to 97% purity and selling to customers
globally.

 

The Group also holds 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 predecessor. A table of the Group's projects is provided
below:

 

 Country       Project           Stage
 Madagascar    Sahamamy          Production paused: 18,000 tpa final production plant nameplate capacity
 Madagascar    Vatomina          In current production ramp-up to 18,000 tpa capacity by December 2025.
 Mozambique    Montepuez         100,000 tpa permitted, construction-initiated

 Mozambique    Balama Central    58,000 tpa permitted, development-ready

 

 

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