Results of Intermediaries Offer

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10 December 2020

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

Results of Intermediaries Offer

Tirupati Graphite plc, the fully integrated, revenue generative, specialist graphite and graphene producer with operations in Madagascar and India, announces that the Intermediaries Offer as part of its initial public offering ('IPO') has closed, raising proceeds of approximately £0.89 million through the issuance of 1,978,070 new Ordinary Shares at an offer of 45p per share (the 'Offer Price'). The Intermediaries Offer provided retail investors with the opportunity to participate in the Company's IPO on equal terms as institutional and professional investors, with PrimaryBid Limited acting as Intermediaries Offer Advisor.

The Company's broker, Optiva Securities Limited, has also raised an additional £0.86 million through the placing of 1,911,111 new Ordinary Shares at the Offer Price.  This takes the total placing amount to 3,889,181 new Ordinary Shares, raising gross proceeds of approximately £1.75 million at the Offer Price (the 'Placing'). Accordingly, the subscription by an investor of 4,444,445 new Ordinary Shares at an offer price of 45p per share (the 'Subscription') has been scaled back to 555,264 new Ordinary Shares at the Offer Price. Optiva is very pleased with the strong demand from the Intermediaries Offering and additional demand from other investors. Together, therefore, the Placing, Subscription and Intermediaries Offer have raised gross proceeds of £6 million. 

Based on the Offer Price, the market capitalisation of the Company will be approximately £33.64 million at the commencement of conditional dealings on the main market of the London Stock Exchange, anticipated 14 December 2020 under the ticker TGR.

Shishir Poddar, CEO of Tirupati Graphite, said, "We are very pleased that PrimaryBid has enabled us to include retail investors across the UK in our fundraising. Through PrimaryBid's innovative offering, we were able to seamlessly provide retail investors with the same terms as institutional investors. Along with the additional sums raised through Optiva, we have strong institutional and retail support and we now look forward to listing on the London Stock Exchange on 14 December 2020.  Thereafter, we will hit the ground running, building second stage production across our established portfolio and strengthening our position as a comprehensive contributor in the flake graphite value chain."

Defined terms used in this announcement hold the same meaning as those used in the Approval and Publication of Prospectus and Launch of PrimaryBid Offer Placing announcement dated 30 November 2020.   

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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

Notes

Tirupati Graphite Plc, due to list on the London Stock Exchange's Main Market, is a revenue-generative, multi-asset, multi-jurisdictional, fully integrated producer and developer of high-grade natural flake graphite, speciality graphite and graphene, which captures the entire value chain.  With a unique set of properties, graphite has diverse applications with multiple growth streams and graphene forms the new generation of 2D materials. In support of this, the Company places a special emphasis on "green" applications, including renewable energy generation, energy storage and composites, and is committed to ensuring its operations are sustainable as well.

The Company's operations include primary mining and processing in Madagascar, where the Company operates two key projects, Sahamamy and Vatomina; 3,000 tonnes p/a of high-quality flake graphite concentrate with up to 96% purity is currently being produced and sold to customers globally, and this is planned to increase to 81,000 tonnes p/a by 2024 as per the Company's modular medium-term development plan.

In India, the Company processes and produces speciality graphite for use in hi-tech applications like lithium-ion batteries, fire retardants and composites. Its specialty graphite processing operations include the 1,200 tonnes p/a Patalganga Project, which was successfully commissioned in July 2019 to manufacture and sell CARBOFLAMEX®, a trademarked fire-retardant expandable graphite product.  At the next stage of development, Patalganga shall further be expanded to 4,800 tonnes p/a capacity with capabilities to also produce high purity and micronised graphite, so increasing market and product reach by 2021. The Company has developed unique green processing technologies for manufacturing these advanced materials.

After establishing itself in the specialty graphite markets through the Patalganga Project, an additional 24,000 tonnes p/a specialty graphite processing facility is to be established in two 12,000 tonnes p/a phases.  The plant will produce expandable, high purity, micronised and spherical graphite.  The west coast of India has been chosen as the location and a detailed feasibility study has been completed.  Tirupati is also in the process of establishing the Tirupati Graphene and Mintech Research Centre, a state-of-the-art R&D centre focussed on producing graphene, developing its applications, and further providing environmentally friendly technologies consultancy for mineral processing.  Land acquisition is in progress in Bhubaneswar, India, and a detailed feasibility study completed.