TIDMTGR
RNS Number : 9758Z
Tirupati Graphite PLC
17 January 2024
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this information is considered to
be in the public domain.
17 January 2024
Tirupati Graphite plc
('Tirupati' or the 'Company')
Successful Equity Placing
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist flake
graphite company and supplier of the critical mineral for the
global energy transition, is pleased to announce it has raised
gross proceeds of GBP1,045,000 by way of a private placing (the
'Placing') of 9,500,000 new ordinary shares of GBP0.025 each in the
capital of the Company (the 'Placing Shares') at a placing price of
GBP0.11 per Placing Share (the 'Placing Price'). The Placing Price
represents a discount of 8.33% to the closing mid-market price of
GBP0.12 on 16 January 2024. In respect of the Placing, Optiva
Securities Limited acted as sole broker and bookrunner to the
Company.
The Placing is conditional only on admission of the Placing
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, with such admission and
trading expected to become effective on or about 8.00 a.m. around
22 January 2024 ('Admission').
In addition to the Placing, the Company has accepted a
subscription from certain directors and members of the senior
management team listed below (the 'Subscription') for 5,663,635
ordinary shares of GBP0.025 each in the capital of the Company (the
'Subscription Shares') at the Placing Price to be satisfied by set
off against certain amounts owing by the Company to the persons
listed below in respect of past fees or remuneration in respect of
their office with or engagement by the Company.
To avoid the Company incurring additional costs in respect of
regulatory requirements under the U.K. Prospectus Regulation
regime, the issue and admission of the Subscription Shares will be
deferred until such date as the Company has sufficient headroom to
admit the Subscription Shares without having to issue a prospectus.
It is expected that admission of the Subscription Shares to the
Standard Segment of the Official List of the FCA and to trading on
the Main Market of the London Stock Exchange will be on or around
24 April 2024 (although this would be further deferred if necessary
to ensure that any issuance is not affected during any closed
period).
Sl No Subscriber Name Number Amount
Subscribed
1 Mr Shishir Kumar Poddar 2,727,273 GBP300,000.00
------------------------ ------------ --------------
Erden Investments
2 Limited* 454,545 GBP50,000.00
------------------------ ------------ --------------
3 Ms Isabel de Salis 109,091 GBP12,000.00
------------------------ ------------ --------------
4 Mr Hemant Kumar Poddar 454,545 GBP50,000.00
------------------------ ------------ --------------
5 Mr Uday Pratap Singh 200,000 GBP22,000.00
------------------------ ------------ --------------
6 Ms Puruvi Poddar 1,363,636 GBP150,000.00
------------------------ ------------ --------------
Mr Christian St John
7 Dennis 300,000 GBP33,000.00
------------------------ ------------ --------------
8 Mr Alastair Bath 54,545 GBP6,000.00
------------------------ ------------ --------------
Total 5,663,635 GBP623,000.00
------------ --------------
*Erden Investments Limited is a family-owned Company of Mr.
Murat Erden, NED and this is a subscription in cash.
Use of Proceeds
The Placing proceeds will be used for working capital to allow
the Company to optimise production from its existing facilities in
Madagascar. The capitalisation of outstanding dues to certain
directors and senior management under the Subscription will allow
the full Placing proceeds to be dedicated to addressing operational
working capital requirements.
The Company is engaged in discussions with a range of
prospective lenders, aiming to secure additional funding. This
funding will be used to enhance production processes, to fully
maximise our operational capacity to achieve an annual production
goal of 36,000 tons.
Further to the announcement on 28 December 2023, the Company
wishes to clarify that no capital has been raised against the
convertible debt instrument as at 16 January 2024 and the Company
has set it aside focussing on expediting sources of banking finance
and other non-dilutive sources of capital. The capital raised shall
help the Company meet its ongoing activities optimisation in the
meantime.
The Company remains engaged to increase its production in
Madagascar with immediate target to reach 1,500 tons per month
output and expand its markets in light of growing
opportunities.
Shishir Poddar, Executive Chairman of Tirupati Graphite,
said:
" Since the beginning of the current financial year, when we had
completed the developments initiated after listing in December
2020, we have continued to ramp up operations at our projects
despite having limited cash resources. This Placing will support
the business while we continue to pursue non-dilutive capital
raising efforts."
"The Placing and subscription will enable us to focus on
increasing production and sales from our Madagascar operations
which has been restricted due to limited working capital
availability."
Admission and Total Voting Rights
The Placing Shares will rank pari passu with the existing
ordinary shares of GBP0.025 each of the Company ('Ordinary Shares')
and the Placing is conditional only on admission of the Placing
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, with such admission and
trading expected to become effective on or about 8.00 a.m. around
22 January 2024 ('Admission').
Following Admission of the Placing Shares, the Company's issued
share capital will comprise 124,299,220 ordinary shares of GBP0.025
each. This figure may be used by shareholders as the denominator
for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest
in, the Company under the Financial Conduct Authority's Disclosure
and Transparency Rules.
Following admission of the Subscription Shares (and assuming no
further issues of shares following completion of the Placing), the
Company's issued share capital will comprise 129,962,855 ordinary
shares of GBP0.025 each.
On completion of the Placing the Concert Party (as referred to
in the Company's circular published on 29 September 2021) will hold
32,390,472 Ordinary Shares carrying 26.06 per cent. of the voting
rights of the Company. Following the completion of the Subscription
(and assuming no further issues of shares) the Concert Party will
hold 36,935,926 Ordinary Shares carrying 28.67 per cent. of the
voting rights of the Company
S
For further information, please visit
http://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +44 (0) 20 39849894
Optiva Securities Limited (Joint Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Holly Ritson - Corporate Broking +44 (0) 20 3981 4173
------------------------------
Shard Capital Partners LLP (Joint Broker)
Isabella Pierre - Corporate Broking +44 20 71869927
Damon Heath - Corporate Broking +44 20 7186 9950
------------------------------
FTI Consulting (Financial PR)
Ben Brewerton / Nick Hennis / Lucy Wigney +44 (0) 20 3727 1000
tirupati@fticonsulting.com
------------------------------
About Tirupati Graphite
Tirupati Graphite Plc is a specialist Graphite producer and a
supplier of critical minerals for a decarbonised economy and the
energy transition. The Company places a special emphasis on green
applications including renewable energy, e-mobility, energy storage
and thermal management, and is committed to ensuring its operations
are sustainable.
The Company's operations include primary mining and processing
in Madagascar where the Company operates two key projects, Sahamamy
and Vatomina with a combined 30,000 tpa of currently installed
capacity, producing high-quality flake graphite concentrate with up
to 97% purity and selling to customers globally.
The Company has also acquired two advanced stage, world class,
natural graphite projects in Mozambique. Work has already commenced
to optimise the economics for development of the Montepuez graphite
project, which is permitted for 100,000tpa production and where
substantial construction work has already been undertaken by the
previous operator.
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END
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