UK-based Tirupati Graphite, which owns and operates graphite mines in Madagascar, has raised £5-million through an institutional and private placement of 14.2-million new ordinary shares in the company, at a price of £0.35 apiece.
The fundraise, which was oversubscribed, is conditional only on admission of the fundraise shares to the standard segment of the official list of the Financial Conduct Authority and to trading on the main market of the LSE, Tirupati advises.
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.