Tirupati Graphite plc (LON:TGR), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, has announced progress on potentially meeting and supporting its financial requirements through a pre-production trade finance arrangement and provides an update in continuation to its previous RNS.
Trade Finance and further Financial Arrangement
· The Middle Eastern Sovereign Fund with whom the Company has been engaged with (See RNS dated 10 October 2024), has provided a trial pre-production trade finance sum of c.US$225,000 to the Company for supply of 280 tons of certain grades of flake graphite to an end-customer.
· The Company and the Fund are in discussions in respect of a larger trade finance arrangement that provides the Company with c.US$ 2.4 million via a similar, upfront pre-production prepayment. This larger arrangement is targeted for negotiation and finalisation during the Trial Deal period.
· The first shipment of 100 tons out of the 280 tons under the Trial Deal is now at the port destined to sail later this week and production of the balance quantity continues.
