PERTH (miningweekly.com) – Minerals explorer Triton Minerals has announced a A$4-million capital raising to advance its Balama North graphite project, in Mozambique.
The company said on Tuesday that it would place just over 36.3-million shares, at a price of 11c each, to raise the funds. The share price represented a 12% discount to the five-day volume-weighted average price of Triton shares, prior to the placement.
The funding would allow Triton to proceed with the first phase of an aggressive drilling programme, exploration activities and studies at the Balama North project.
The remainder of the funds would be used to cover transaction costs and provide working capital.
The placement would be subject to shareholder approval, which would likely be obtained at a shareholders meeting scheduled for later this month.