Triton raises $12m for graphite project

Triton Minerals has tapped investors to raise $12 million for ongoing work at its Mozambique graphite project.

Triton placed 34.3 million shares to a Hong Kong cornerstone investor, institutional groups and sophisticated investors at 35 cents each.

“The proceeds from the placement will assist the company to continue with the rapid progression of the definitive feasibility study at Nicanda Hill, with the aim of completing the study by the fourth quarter of 2015,” managing director Bradley Boyle said.

“These funds will also enable Triton to commence the early works programs, which will help the company to fast-track the construction of the plant and other facilities at Nicanda Hill.”

Funds raised from the placement will also be used to undertake an initial drilling program at the company’s Ancuabe project, with the intent of identifying additional substantial graphitic mineralisation.

GMP Securities and Merchant Capital Markets were the joint lead managers to the placement.

Last month, Triton secured a 20-year, $2.6 billion binding offtake agreement with a Chinese company for graphite from the Mozambique project.

Shares in Triton were 1.2 per cent higher to 40 cents a share at 12:30pm.