LSE-listed specialist flake graphite producer Tirupati Graphite, with projects in Mozambique and Madagascar, has issued of 6.56-million shares to ASX-listed gold and copper explorer and developer Battery Minerals as part of the second tranche of the acquisition agreement of Suni Resources.
Tirupati Graphite, on April 1, successfully completed the acquisition of Suni Resources – the Mozambique incorporated subsidiary of Battery Minerals.
Following the issue of shares, Tirupati Graphite's issued share capital will comprise 114.8-million ordinary shares, of £0.025 apiece.
Tirupati Graphite executive chairperson Shishir Poddar says concluding the acquisition of Suni Resources is a significant milestone for the company, as it has acquired two advanced stage, construction-ready natural graphite projects in the graphite-rich, producing region outside of China, in northern Mozambique.
“This comes at a time of major tailwinds for companies outside of China able to offer current and near-term supply from quality projects, and we look forward to updating the market further in due course."