Business
£4.5 million Convertible Loan Note Subscriptions
£4.5 million Convertible Loan Note Subscriptions.
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 \n12 May 2025\nTirupati Graphite plc\n \n('Tirupati', or the 'Company' and together with its subsidiaries, the \"Group\")\n \n£4.5 million Convertible Loan Note Subscriptions\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 it has received total subscriptions for its placing of zero-coupon Convertible Notes (\"2025 Notes\") of £4.5 million. Acceptance of new subscriptions has now closed. The total includes the first round of subscriptions earlier in 2025 and significantly exceeds the Company's target to raise at least £2.5 million from the placing.\n \nAs previously announced, the 2025 Notes will be convertible at the option of the holder, and by the Company when the conversion shares can be admitted to trading, at a share price of 3.75 pence per ordinary share, once: (i) the Company has received approval from shareholders in a general meeting for the issue of the conversion shares; (ii) listing of the Company's ordinary shares on the LSE is resumed and the present suspension is lifted, which requires filing of the 31 March 2024 annual report and audited financial statements, as well as the 30 September 2024 half year accounts; and (iii) approval is received for the prospectus required for issue of the new shares. Preparation for all of the above steps is in hand and an update will follow in due course.\n\n\nThe Company has received investments in the 2025 Notes from certain directors and executives as below:\n \n£200,000 - Mark Rollins, Executive Chairman\n£100,000 - Murat Erden (before resignation in February 2025), Non-Executive Director\n£50,000 - Christian Dennis, Non-Executive Director\n£40,000 - Peter Thomas, Interi...