Tirupati Graphite plc (LON:TGR, TGRHF.OTCQX), the specialist graphite and graphene company developing sustainable new age materials, announced on 3 April 2023 the successful completion of the acquisition of Suni Resources SA, the Mozambique incorporated subsidiary of ASX listed Battery Minerals Limited (LON:BAT).
The Company announced on 3 April 2023 that part of the consideration for the Acquisition is the issue of 10,046,556 TG ordinary shares of £0.025 each to BAT covering a sum of AUD$9,750,000 (c.£5,284,500) at an issue price of £0.526 per ordinary share in two equal tranches with the first tranche issued on completion and the second traches issued on the 8 month anniversary of completion of the Acquisition.
To assist the Company in meeting its regulatory requirements under the U.K. Prospectus Regulation the Company today announced that the Company and BAT have agreed to vary the allocation of the Share Consideration between tranches and the issue dates as follows:
· 3,500,000 TG ordinary shares of £0.025 each to be issued on or about the date of this announcement; and
· 6,546,556 TG ordinary shares of £0.025 each to be issued on 8 December 2023.
The parties have also agreed that the Tranche 1 Consideration Shares and the Tranche 2 Consideration Shares, when issued and admitted to trading, shall not be subject to a hard lock in but to orderly market agreements up to 18 months from the date of issue.
The terms of the Acquisition as announced on 3 April 2023 otherwise remain unchanged including the issue of 2,018,944 ordinary shares of £0.025 each to BAT at completion covering a sum of AUD$994,571.86 (£539,058) at an issue price of £0.267 per ordinary for the transfer of intellectual property.
Admission of the Tranche 1 Consideration Shares and IP Consideration Shares to the Standard Segment of the Official List of the Financial Conduct Authority (“FCA”) and to trading on the Main Market of the London Stock Exchange, is now expected to become effective on or about 8.00 a.m. on 24 April 2023.