7th Apr 2025 14:30
(Alliance News) - Tirupati Graphite PLC on Monday announced it received GBP1.6 million from the proceeds of convertible loan notes.
The London-based flake graphite producer, with projects in Madagascar and Mozambique, said that notes will be convertible at the option of the shareholder and by Tirupati when the conversion shares can be admitted to trading on the LSE which the company are expecting later this year.
As a result of this, the company's subscriptions for its placing of convertible loan notes has now surpassed GBP2.5 million.
The company added that it has amended its conversion price of its convertible loan notes to 3.75 pence from 5 pence. Alongside this, the company is also revising the amended terms of its GBP900,000 2019 convertible notes.
Tirupati's output in March was below its planned monthly target as a result of plant shutdowns and lower ore grades.
The production achieved from the Vatomina project in March, which is currently in production in Madagascar, was 388 MTs of flake graphite concentrate of various grades, up to 96% purity.
After the return to service of the company-owned drilling rig, grade control and mine planning drilling was re-commenced in late March to support the mining of higher grade ores.
According to the company, during March, VAT refunds of USD195,000 were received in Madagascar.
Only 220 MTs off legacy prepaid orders as of March 31 remain outstanding to be produced, which were received and paid for in 2024 under the previous leadership of Michael Lynch-Bell who stepped down at the start of January. The production and incurred costs of these orders are expected to be completed by mid-April and from that point on, all sales will benefit from current cashflows said Tirupati.
Executive Chairman Mark Rollins said: "The Board is very pleased to have received significant demand for its 2025 Notes from existing and new investors. By surpassing the initial target of £2.5m, the Company is well placed to pursue and deliver on the Board's stated objectives in our announcements and presentations to date."
Tirupati shares were flat at 6.40 pence each on Monday afternoon in London.
By Olivia Mason-Myhill, Alliance News reporter
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