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Triton Minerals to Raise $8.47M for Ancuabe Graphite Project in Mozambique

Triton Minerals to Raise $8.47M for Ancuabe Graphite Project in Mozambique

  • Triton Minerals (TON) will undertake an $8.47 million capital raise to accelerate the development of its Ancuabe Project in Mozambique
  • The capital raise will consist of two phases, with the first phase to raise $3.47 million through the issue of 124 million shares to institutional and sophisticated investors
  • Phase two, which is subject to shareholder and regulatory approvals, includes a $5 million commitment from Chinese-listed commodities and resources company Shandong Yulong
  • Triton will use the money to advance its Ancuabe Project and in particular, advance studies, approvals and the construction of a commercial pilot plant
  • Company shares are steady on the market and are trading at 2.8 cents at 1:09 pm AEST

Triton Minerals (TON) will undertake an $8.47 million capital raise to accelerate the development of its Ancuabe Project in Mozambique.

The funds will be raised through the issue of around 302.5 million fully-paid ordinary shares priced at 2.8 cents each.

The capital raise will be undertaken in two phases, with the first phase set to raise $3.47 million through the issue of 124 million shares to institutional and sophisticated investors.

Under phase one, the company plans to issue one option for every share.

Phase two, which is subject to shareholder and regulatory approvals, includes a $5 million commitment from Shandong Yulong through the issue of 178,571,429 shares.

Shares will also be priced at 2.8 cents with each share including an attaching option exercisable at four cents with expiry in three years.

Triton will use the money to advance its Ancuabe Project and in particular, advance studies, approvals and the construction of a commercial pilot plant.

“This [placement] will ensure the company capitalises on the green energy transition which has seen demand for graphite continue to build at a rapid rate, given its use in batteries for electric vehicles and energy storage as well as significant demand from flame retardant building material sector,” Executive Director Andrew Frazer said.

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“We are also working closely with government authorities on the potential reinstatement of Nicanda Hill, for which discussions continue.”

Triton was steady on the market with shares trading at 2.8 cents at 1:09 pm AEST.

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