Specialist graphite and graphene company Tirupati Graphite has clarified that it will not be taking on any external debt with its A$12.5-million acquisition from Battery Minerals (BM) of 100% of the issued share capital of BM Mozambique subsidiary Suni Resources.
Tirupati, in August 2021, entered into an agreement with BM to acquire the entire issued share capital of Suni Resources, inclusive of all related intellectual property relating to the Montepuez project and Balama Central project.
As such, Tirupati will be assigned the shareholder loans owed by Suni Resources to certain BM group companies amounting to A$29-million.
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.