REG - Tirupati Graphite - Update on the Acquisition of Suni Resources

Tirupati GraphiteAnnouncement

19/04/2023 07:00

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RNS Number : 7216W  Tirupati Graphite PLC  19 April 2023

 

 

19 April 2023

Tirupati Graphite plc

('Tirupati', 'TG' or the 'Company')

 

Update on the Acquisition of Suni Resources

 

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite and
graphene company developing sustainable new age materials, announced on 3
April 2023 the successful completion of the acquisition (the "Acquisition") of
Suni Resources SA ("Suni"), the Mozambique incorporated subsidiary of ASX
listed Battery Minerals Limited ("BAT").

 

The Company announced on 3 April 2023 that part of the consideration for the
Acquisition is the issue of 10,046,556 TG ordinary shares of £0.025 each to
BAT covering a sum of AUD$9,750,000 (c.£5,284,500) at an issue price of
£0.526 per ordinary share in two equal tranches with the first tranche issued
on completion and the second traches issued on the 8 month anniversary of
completion of the Acquisition ("Share Consideration").

 

To assist the Company in meeting its regulatory requirements under the U.K.
Prospectus Regulation the Company today announces that the Company and BAT
have agreed to vary the allocation of the Share Consideration between tranches
and the issue dates as follows:

 

·    3,500,000 TG ordinary shares of £0.025 each to be issued on or about
the date of this announcement (the "Tranche 1 Consideration Shares"); and

·    6,546,556 TG ordinary shares of £0.025 each to be issued on 8
December 2023 (the "Tranche 2 Consideration Shares").

 

The parties have also agreed that the Tranche 1 Consideration Shares and the
Tranche 2 Consideration Shares, when issued and admitted to trading, shall not
be subject to a hard lock in but to orderly market agreements up to 18 months
from the date of issue.

 

The terms of the Acquisition as announced on 3 April 2023 otherwise remain
unchanged including the issue of 2,018,944 ordinary shares of £0.025 each to
BAT at completion covering a sum of AUD$994,571.86 (£539,058) at an issue
price of £0.267 per ordinary for the transfer of intellectual property (the
"IP Consideration Shares").

 

Admission of the Tranche 1 Consideration Shares and IP 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 now
expected to become effective on or about 8.00 a.m. on 24 April 2023
("Admission").

 

Following the issue of Tranche 1 Consideration Shares and IP Consideration
Shares the Company's issued share capital will comprise 106,966,712 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
Rule.

 

 

 

 

ENDS

 

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

 

 Tirupati Graphite Plc

 Puruvi Poddar - Chief of Corporate & Business Development        admin@tirupatigraphite.co.uk

                                                                  +44 (0) 20 39849894
 Optiva Securities Limited (Broker)

 Ben Maitland - Corporate Finance                                 +44 (0) 20 3034 2707

 Robert Emmet - Corporate Broking                                 +44 (0) 20 3981 4173

 FTI Consulting (Financial PR)                                    +44 (0) 20 3727 1000

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

 About Tirupati Graphite

 

Tirupati Graphite Plc is a specialist flake graphite company, a material vital
in the energy transition economy. The Company places a special emphasis on
"green" applications, including renewable energy, energy efficiency, energy
storage and thermal management and is committed to ensuring its operations are
sustainable as well.

 

The Company's operations include primary mining and processing in Madagascar,
where the Company operates two key projects, Sahamamy and Vatomina; 12,000 tpa
installed capacity of high-quality flake graphite concentrate with up to 96%
purity is currently being produced and sold to customers globally, planned to
increase to 84,000 tpa as per the Company's modular medium-term development
plan.

 

On 1 April 2023 the Company completed the acquisition of Suni Resources
SA, Mozambique, whose two main assets are (i) the Montepuez Project which
holds the mining licence over an area of 3,667 hectares with JORC 2012 defined
reserves & resources of almost 120 million tonnes; plus (ii) the Balama
Central Project, which has a mining license over 1,543 hectares with JORC 2012
defined mineral reserves and resources of 33 million tonnes. Both projects
have licenses permitting build out to an annual production of 100,000 and
58,000 tons of flake graphite respectively.

 

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