8th Aug 2022 15:44
Tirupati Graphite PLC - London-based company specialising in graphite and graphene - Raises GBP1.5 million from the first tranche of a convertible loan note offer from total of GBP3.0 million, via its broker Optiva Securities Ltd. Will use funds towards the USD1.5 million payment due to Battery Minerals Ltd for the acquisition of Suni Resources SA, its subsidiary which holds the construction already commenced on the Montepuez project and Balama Central project in Mozambique. Will also use funds as working capital, and to develop the flake graphite facility at its own Sahamamy project in Madagascar, expected to complete by the end of September.
"The company and Optiva remain engaged to raise the balance in a second tranche to meet the mandatory requirement to provide a bank guarantee for the Balama Central license as part of the Mozambique acquisition and for working capital for the company's expanding operations in Madagascar," the firm says.
Current stock price: 41.32 pence, up 21% in London on Monday
12-month change: down 64%
By Elizabeth Winter; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Tirupati Graphite