Triton rebalances cash after Grafex buy
PERTH (miningweekly.com) – ASX-listed Triton Minerals will raise A$5.2-million through a share placement and entitlement issue to fund work at its Ancuabe project, in Mozambique, and to accelerate the review of the vanadium development potential at the Nicanda Hill graphite project.
Triton will place some 12.5-million new fully paid ordinary shares, at a price of 8c each, to institutional and professional investors to raise an initial A$1-million.
A pro-rata non-renounceable entitlement issue of one share for every 15 shares held, will raise a further A$4.2-million.
“We are pleased by the strong support from existing shareholders and new institutional investors. The capital raising bolsters the company’s balance sheet following the recent Grafex acquisition and restructure of the joint venture, and provides working capital ahead of the anticipated ramp-up of development activities at Ancuabe and Nicanda Hill,” said Triton MD Peter Canterbury.
Triton is currently progressing multiple development streams at Ancuabe, including offtake agreements, marketing, engineering, procurement and construction contractor engagement, approvals and project finance.
“Through this capital raising, Triton will be in a better position to progress these objectives and negotiate final terms without working capital restraints.”
A recent definitive feasibility study estimated that Ancuabe would require preproduction capital of $99.4-million to build a mine that is capable of producing about 60 000 t/y of graphite concentrate.
The study estimates a pretax net present value of $298-million, a pretax internal rate of return 36.8% and near-term payback of 3.8 years.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation