PERTH (miningweekly.com) – Graphite hopeful Triton Minerals will raise A$4.44-million in a partially underwritten entitlement offer to progress pilot plant work at its graphite project, in Mozambique.
The entitlement offer, which closed on November 30, allows eligible shareholders to acquire four new shares for every 19 existing shares held, at a price of 4.1c each.
One free attaching option will also be issued on the basis of one new option for every one shared issued under the entitlement offer.
More than 89-million shares and 89-million options will be placed, with the new shares to be quoted on the ASX on December 7.
“Now that we have raised A$4.4-million, Triton is in a strong position to progress the commercial pilot plant at the Ancuabe graphite project and other initiatives to increase shareholders value,” said executive director Andrew Frazer.
Triton previously struck a binding offtake agreement with Chinese graphite product specialist Yichang Xincheng Graphite Co for the entire production from its pilot plant at the Ancuabe graphite project.
A commercial pilot plant will produce commercially viable quantities of concentrate which will prove the viability of both the product and of the large-scale project, at 60 000 t/y, in the longer term.
The offtake agreement will have a five-year term and will encompass an initial 50 000 t, with an option for a further 50 000 t, priced at market price.