PERTH (miningweekly.com) – Graphite developer Triton Minerals has announced a two-tranche share placement to raise nearly A$8.5-million in funding to finance work at its Ancuabe project, in Mozambique.
The funding would include the A$5-million cornerstone investment from Chinese-listed commodities trader Shandong Yulong Gold Co announced at the start of the week, which is subject to shareholder approval and other conditions precedent.
In addition, the company has also received firm commitments for a further A$3.47-million from other institutional and sophisticated investors, which have agreed to take up 124-million shares, at a price of 2.8c each in a share placement.
The share placement will be conducted under Triton’s existing capacity, and will not require shareholder approval.
The company said on Wednesday that the investors partaking in the institutional and sophisticated investor placement would also be entitled to one option for every two shares issued, and subject to shareholder approval, the receipt of one additional option for every two shares issued under the placement.
Funds from the placement will be used towards the development of the Anucabe project, including advancing studies, approvals and the construction of a commercial pilot plant.