Tirupati Graphite PLC - London-based flake graphite supplier with projects in Madagascar and Mozambique - Says talks progressing with strategic investors. Has engaged financial advisers Musst Investments LLP and ViTa-Connect LLC to raise up to £3 million to achieve steady state production and sales at a run rate of 20,000 tons per annum at Madagascar project. Further aims to fundraise additional £80 million to expand Madagascan projects to 54,000 tons per annum production and to develop a 50,000 tons per annum module at its Mozambican project. Says due diligence has been completed and are in advanced stage of negotiations with a strategic financier. Additionally, remains engaged with government officials for a VAT refund of $2 million in Madagascar and $1.2 million in Mozambique.
Chief Executive Officer Shishir Poddar says: ‘We continue to make progress with financial institutions and strategic partners, who recognise the unique opportunity that the company has, to be the leading supplier of flake graphite outside China, providing global customers with a geopolitically secure supply of a commodity vital for the clean energy transition.’
Current share price: 5.83 pence
12-month change: down 83%
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