LSE-listed Tirupati Graphite, a specialist flake graphite producer operating in Mozambique and Madagascar, has issued 6.56 million shares to ASX-listed Battery Minerals as part of the second tranche of the Suni Resources acquisition agreement.
On April 1, Tirupati Graphite successfully completed the acquisition of Suni Resources, the Mozambique-based subsidiary of Battery Minerals.
Post-share issuance, Tirupati Graphite’s issued share capital will stand at 114.8 million ordinary shares, valued at £0.025 each.
Shishir Poddar, the executive chairperson of Tirupati Graphite, emphasized that the acquisition of Suni Resources marks a crucial milestone.
It signifies the acquisition of two advanced-stage natural graphite projects in northern Mozambique, a region rich in graphite production and outside of China.
Poddar added that this acquisition aligns with the growing demand for companies offering immediate or near-term supply from high-quality projects outside of China. Further updates for the market will be shared in due course.
