Tirupati Graphite, a specialist flake graphite company, has successfully raised £1.05 million through a private placement of 9.5 million new ordinary shares.
Acting as the sole broker and bookrunner, Optiva Securities facilitated the placement. The company is set to list the placing shares on the Financial Conduct Authority’s official list and the main market of the London Stock Exchange by January 22.
Additionally, Tirupati has accepted a subscription from certain directors and senior management members for 5.67 million ordinary shares at £0.025 each.
The placing proceeds will primarily be used as working capital to optimize production at the company’s facilities in Madagascar.
Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and India. The Company is delivering on this strategy by being fully integrated from mine to graphene. Its global multi-location operations include primary mining and processing in Madagascar, hi-tech graphite processing in India to produce specialty graphite, and a state-of-art graphene and technology R&D center to be established in India.
