Triton rebalances cash after Grafex buy
PERTH (miningweekly.com) – ASX-listed Triton Minerals will raise A$5.2-million through a share placement and entitlement issue to fund work at its Ancuabe project, in Mozambique, and to accelerate the review of the vanadium development potential at the Nicanda Hill graphite project.
Triton will place some 12.5-million new fully paid ordinary shares, at a price of 8c each, to institutional and professional investors to raise an initial A$1-million.
A pro-rata non-renounceable entitlement issue of one share for every 15 shares held, will raise a further A$4.2-million.
“We are pleased by the strong support from existing shareholders and new institutional investors. The capital raising bolsters the company’s balance sheet following the recent Grafex acquisition and restructure of the joint venture, and provides working capital ahead of the anticipated ramp-up of development activities at Ancuabe and Nicanda Hill,” said Triton MD Peter Canterbury.
Triton is currently progressing multiple development streams at Ancuabe, including offtake agreements, marketing, engineering, procurement and construction contractor engagement, approvals and project finance.
“Through this capital raising, Triton will be in a better position to progress these objectives and negotiate final terms without working capital restraints.”
A recent definitive feasibility study estimated that Ancuabe would require preproduction capital of $99.4-million to build a mine that is capable of producing about 60 000 t/y of graphite concentrate.
The study estimates a pretax net present value of $298-million, a pretax internal rate of return 36.8% and near-term payback of 3.8 years.
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