Business
Update Regarding Convertible Loan Notes
Update Regarding Convertible Loan Notes.
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 1 December 2023\nTirupati Graphite plc\n('Tirupati', 'TG' or the 'Company')\n \n Update Regarding Convertible Loan Notes \n \nTirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist Flake Graphite company and supplier of the critical mineral for the global energy transition, is pleased to announce it has reached an agreement with noteholders to settle the interest payable in July 2023 on its outstanding convertible loan notes by the issue of 1,285,952 ordinary shares of £0.025 each in the capital of the Company.\n \nThe Company created:\n \n· 3,000,000 convertible loan notes of £1 par value each pursuant to a convertible loan note instrument dated 31 May 2019; and\n· 3,000,000 convertible loan notes of £1 par value each pursuant to a convertible loan note instrument dated 5 August 2022,\n(the \"Notes\").\n \nAs at 30 June 2023, 2,771,500 Notes are outstanding across both instruments. The Notes carry interest of 12% per annum payable bi-annually. The latest interest payment was due in July 2023; however, the Company agreed with the noteholders to find a non cash payment option to enable the cash resources to be used to continue to ramp up production at its projects.\n \nAfter consultation, a written special resolution dated 3 October 2023 was proposed to and received 75% support from the noteholders thus being adopted as per the terms of the Note.\n \nThe Company has agreed with noteholders to:\n \n· satisfy the July Interest payment by the issue and allotment of ordinary shares of £0.25 each in the capital of the Company (\"Consideration Shares\") having a value a close as possible to the amount owed to noteholders based on an issue price of 17.10p (being the time weight average price of the Consideration Shares for the 10 day trading period to 3 October 2023); and\n· &nbs...