Business
Completion of the Acquisition of Suni Resources
Completion of the Acquisition of Suni Resources.
About this update from Total Graphite Plc
[{"type":"text","content":"\n \n \n 3 April 2023\n \n \n \n Tirupati Graphite plc\n \n \n \n ('Tirupati', 'TG' or the 'Company')\n \n \n \n \n \n \n Completion of the Acquisition of Suni Resources\n \n \n \n \n \n \n Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist graphite and graphene company developing sustainable new age materials, is pleased to announce that on 1 April 2023 (\"Completion\"), it successfully completed the acquisition (the \"Acquisition\") of Suni Resources SA (\"Suni\"), the Mozambique incorporated subsidiary of ASX listed Battery Minerals Limited (\"BAT\"). The Acquisition includes all assets, infrastructure, permits, licenses, and intellectual property associated with the construction initiated Montepuez Project and the fully permitted Definitive Feasibility Study ready, Balama Central Project (the \"Projects\") in Mozambique held by Suni.\n \n \n \n \n \n ·\n On 17 August 2021, the Company announced it had signed agreements with BAT for the acquisition of the entire issued capital of Suni (the \"SPA\") and assignment of BAT's intellectual property rights (\"IP Assignment\") associated with the Projects (\"Battery Technical Information\") for a total aggregate consideration of AU$12.5 million (£6.77 million) to be paid in a combination of AUD$1.5 million (c.£0.81 million) in cash and AUD$11 million (c.£5.96 million) in ordinary shares of\n £0.025 each in the Company (\"Consideration Shares\").\n \n \n ·\n Under the SPA, BAT had retained the rights to reimbursement of c.AUD$ 1.5 million (c.£0.81 million) VAT refunds due to Suni for historical spends as and when received from the Mozambique tax authorities (\"VAT Refunds\").\n \n \n ·\n The terms of SPA were varied as announced on 30 September 2022 and 5 December 2022 to facilitate the satisfaction of financial obligations related to the grant of approval for the transaction by Instituto Nacional de Minas de Moçambique (\"INAMI\") and calculation of number of Consideration Shares.\n \n \n ·\n On 31 March 2023 the Company and BAT entered into a deed of variation of the IP Assignment. The variation provided for payment of AUD$994,571.86 (c.£0.54 million) of the total consideration of AUD$1,494,571.86 (c.£0.81 million) by the issue on Completion of TG ordinary shares of £0.025 each to BAT at an issue price equal to the volume weighted average price...