Triton raises cash for Moz projects
PERTH (miningweekly.com) – Minerals developer Triton Minerals was hoping to raise nearly A$11.3-million through a partially underwritten nonrenounceable entitlement offer.
The company would allow eligible shareholders to subscribe for one new share for every five shares held, at a price of 15c a share. One free attaching option would also be offered for every two shares subscribed for under the entitlement offer and would be exercisable at 20c and expire on March 16, 2017.
Up to 75.3-million shares would be issued under the entitlement offer, if uptake was fully achieved.
The funds raised would be used to define a resource at the Nicada Hill prospect at the Balama North project, in Mozambique, as well as at the Ancuabe project, in Mozambique.
Capital would also be used to fund the expansion of the definitive feasibility study over the Mozambique projects and to fund initial construction of the joint venture (JV) manufacturing facility in China with JV partner Yichang Xincheng Graphite.
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