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Battery Minerals is proposing to raise approximately $500,000 via a Share Purchase Plan (SPP), which is now underwritten by Morgans Corporate Limited with support from major shareholder Farjoy Pty Ltd.
Recent strong share price performance of Tirupati Graphite increases the value of Battery Minerals' current cash and listed investments to $10m, prior to SPP and Tranche 2 Placement proceeds.
A drill rig is scheduled to commence diamond drilling next week to test high-quality gold targets at Stawell, including Cox’s Find.
Battery Minerals has negotiated the removal of escrow provisions on all its consideration shares in Tirupati Graphite plc (TGR).
The removal of escrow provisions provides additional liquidity to the Company's investment in TGR, valued at $7.8m, with exposure to an emerging major producer of flake graphite.
TGR recently achieved a 30,000tpa production capacity with guidance of 84,000tpa by the end of 2024 and a long-term goal of producing around 8% of the global flake graphite market or 400,000tpa by 2030.