Last checked at 30 Sep 2021 10:50
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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 Acquisition 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 |