The British graphite company Tirupati Graphite on Tuesday revealed that it has raised five million pounds (about 6.1 million US dollars, at the current exchange rate) through an institutional and private placing of 14,285,714 new ordinary shares at 35 pence each.
Tirupati explained in a note to investors that the funds will ensure that the company has the financial resources to meet all its obligations to complete the 3.5 million pound acquisition of Suni Resources along with working capital to develop Suni’s graphite mining projects.
Suni is the Mozambican subsidiary of Battery Minerals which holds concessions to mine graphite at Balama and Montepuez in the northern province of Cabo Delgado.
Tirupati Graphite PLC (LON:TGR) is a fully integrated specialist graphite and graphene producer, with operations in Madagascar and India, with a vision of developing a world-leading benchmark flake graphite company.