Client NewsTirupati Graphite plc: Agreement to Acquire Additional Permits in Madagascar
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX) is pleased to announce that its subsidiary Tirupati Madagascar Ventures SARL (TMV) has entered into agreement to acquire three additional mining permits in Madagascar, covering a total area of 31.25km2 and located in the vicinity of the Company’s existing projects in the country. The consideration agreed for the acquisition is a total of MGA 800 million (c.£167,000) to be paid in cash upon milestones in the process of completing the transfer of the permits to the Company. The transfer requires approval by the ministry of Mineral Resources and application thereof is in the process of being made to the Bureau du Cadastre Minier de Madagascar (BCMM).
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