Acquisition Update

RNS Number : 5555N
Tirupati Graphite PLC
30 September 2021
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 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.

 

30 September 2021

Tirupati Graphite plc ('Tirupati' or the 'Company')

 

Acquisition Update

 

Tirupati Graphite plc, the fully integrated, revenue generating, specialist graphite producer and graphene and advanced materials developer, is pleased to note the announcement released by ASX listed Battery Minerals Limited ("Battery Minerals") confirming that its shareholders had approved the disposal of its interests in its Mozambique assets at its General Meeting held earlier today.

 

As announced 17 August 2021, Tirupati has agreed to acquire the entire issued share capital of Suni Resources SA (the "Acquisition") from Battery Minerals, which holds the construction initiated Montepuez Graphite Project and the advanced feasibility study stage Balama Central Graphite Project.  

 

Battery Minerals' shareholder approval paves the way for the requisite in-country approvals for the Acquisition to be obtained, principally from the Ministry of Mineral Resources and Energy in Mozambique.

 

Shishir Poddar, CEO of Tirupati Graphite, said, "We are delighted that Battery Minerals' shareholders have given their approval, which passes the first of the two major milestones to completing the A cquisition of these advanced stage projects.  The Acquisition will be helpful in our endeavours to be a material player in the high growth EV and battery markets as the two projects have substantial reserves and resources, provide us diversity of risks, and expand our production profile given the nature of the deposits and the graphite product output. We look forward to updating the market further on progress with the in-country formalities to complete the Acquisition."

 

ENDS

 

For further information, please visit https://www.tirupatigraphite.co.uk/ or contact:

 

Tirupati Graphite Plc

Puruvi Poddar

+44 (0) 20 3984 9894

Optiva Securities Limited (Broker)

Daniel Ingram

+44 (0) 20 3137 1902

St Brides Partners Ltd (Financial PR)

Isabel de Salis

info@stbridespartners.co.uk

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQGCGDCCSXDGBG
UK 100

Latest directors dealings