Tirupati Graphite PLC Update on the Acquisition of Suni Resources (7216W)
April 19 2023 - 2:00AM
UK Regulatory
TIDMTGR
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 GBP0.025 each to BAT covering a sum of
AUD$9,750,000 (c.GBP5,284,500) at an issue price of GBP0.526 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 GBP0.025 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 GBP0.025 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 GBP0.025 each to BAT at completion covering a
sum of AUD$994,571.86 (GBP539,058) at an issue price of GBP0.267
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 GBP0.025 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/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +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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END
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