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LONDON - Tirupati Graphite plc (LSE:TGR), a producer of flake graphite, has successfully closed subscriptions for its zero-coupon Convertible Notes, raising £4.5 million, the company announced today. This figure surpasses the initial target of £2.5 million set by the company for this round of financing.
The Convertible Notes, referred to as the "2025 Notes," are set to be convertible into ordinary shares at a fixed price of 3.75 pence each. The conversion is subject to certain conditions, including shareholder approval, the resumption of trading of the company’s shares on the London Stock Exchange (LON:LSEG) (LSE), and the approval of a prospectus for the new shares issuance. The company’s ordinary shares are currently suspended from trading pending the submission of financial reports for the periods ending March 31, 2024, and September 30, 2024.
Key investors in the 2025 Notes include members of the company’s executive team, with Executive Chairman Mark Rollins contributing £200,000. Former Non-Executive Director Murat Erden, who resigned in February 2025, invested £100,000, while Non-Executive Director Christian Dennis and Interim CFO Peter Thomas added £50,000 and £40,000, respectively. Additionally, Optiva Securities Limited, where Dennis serves as a director, participated with an investment of £50,000.
Tirupati Graphite emphasizes sustainable operations and supplies graphite for green applications such as renewable energy, e-mobility, energy storage, and thermal management. Its operations in Madagascar, which include the Sahamamy and Vatomina projects, have a combined production capacity of 30,000 tonnes per annum. The group also holds two advanced-stage graphite projects in Mozambique, with the Montepuez project permitted for 100,000 tonnes per annum production and Balama Central ready for development.
The announcement is based on a press release statement and follows the regulations 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. The information is now in the public domain.
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