Triton reboots capital raising
PERTH (miningweekly.com) – Minerals developer Triton Minerals has scrapped its earlier entitlement offer, announced in November, in favour of a new entitlement offer.
The November non-renounceable entitlement offer had been aimed at raising nearly A$11.3-million, by offering 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 have been offered for every two shares subscribed for under the entitlement offer and could be exercisable at 20c and expire on March 16, 2017.
However, the Triton board on Thursday resolved to withdraw the non-renounceable entitlement offer.
Instead, the company was hoping to raise the A$11.3-million through a new pro-rata non-renounceable entitlement offer of one share for every three shares held, at an issue price of 9c each.
Each eligible shareholder would be offered one free attaching option for every two shares subscribed for under the offer, with the options exercisable at 15c each, and expiring on March 16, 2017.
Triton said that the new entitlement offer had been priced to reflect the current market conditions, and to allow eligible shareholders to participate at a more attractive and lower price.
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.
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