Business
Amended Terms and Operational Update
Amended Terms and Operational Update.
About this update from Total Graphite Plc
[{"type":"text","content":"\n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this information is considered to be in the public domain.\n \n \n7 April 2025\nTirupati Graphite plc\n \n('Tirupati', or the 'Company' and together with its subsidiaries, the \"Group\")\n \nCLN Subscriptions at over £2.5 million; Amended Terms,\nand Operational Update\n \nTirupati Graphite plc (TGR.L), the specialist flake graphite company and producer of this critical mineral for the global energy transition, is pleased to announce that subscriptions for its placing of zero-coupon Convertible Notes (\"2025 Notes\") have now surpassed £2.5 million. The placing remains open for additional subscriptions until 5pm on Friday 11 April 2025. Terms of the 2025 Notes are being revised as detailed below. The Company has updated its current Investor Presentation (available at www.tirupatigraphite.co.uk) and also provides below certain updates following its second month of restarted operations in Madagascar.\n \nConvertible Loan Note (\"CLN\") Fundraise and Terms Update\n \nThe previously announced terms for the 2025 Notes are amended as follows:\n· Conversion price amended to 3.75 pence per ordinary share of the Company (previously 5 pence);\n· Warrants to be issued on conversion on a 1:1 basis revised to an exercise price of 3.75 pence per ordinary share; and\n· Accelerator option amended: in the event that the Company's share price exceeds 11.25 pence per share for a set period prior to 31 December 2025, holders of the warrants issued on conversion of the 2025 Notes who then exercise their warrants within 30 days will be granted additional warrants on a 1:2 basis, with an exercise price of 15 pence per share and a duration of 18 months (previously a trigger price of 15 pence and an exercise price of 20 pence).\n \nTo date, the Company has received £1.56 million of the proceeds of the CLN offering, with the balance all due by 15 April 2025. As previously announced, the 2025 Notes will be convertible at the option of the holder, and by the Company w...