Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) has announced the latest issue of shares to Battery Minerals Ltd (ASX:BAT) as part of its deal to acquire Suni Resources SA.
Some 6,546,556 shares were issued to Battery Minerals as part of the second tranche of the agreement, Tirupati said on Monday.
Tirupati had agreed in April to acquire Battery Minerals’ Mozambique-based subsidiary Suni for a combination of AUD1.5 million (£0.81 million) cash and AUD11 million worth of shares.
This had been for 10,046,556 ordinary shares at 2.5p each, with Tirupati taking on the Montepuez and Balama Central graphite projects as part of the deal.
Executive chairman Shishir Poddar commented at the time that Tirupati was set to provide buyers “with an additional source of graphite outside of China, where global supply is heavily concentrated,” following the deal.
Admission of the stock to London’s main market should take place by Wednesday, Tirupati added on Monday, with its total issued capital now amounting to 114,799,220 ordinary shares.