Triton raises $10m

Triton Minerals is raising $10 million for its Ancuabe graphite project in Mozambique.

Funds raised will be used for the development of engineering and detailed design works, technical studies, construction of access roads and a raw water dam.

It will also be used to fund the company’s existing working capital, reduce debt financing and manage mining license fees and construction permits.

Triton will issue 238 million shares priced at 4.1 cents per share as part of the placement.

Lazarus Corporate Finance is the lead manager for the placement, while Jigao and Triton will be the major shareholder.

Also, the company has an ongoing offtake agreement to cover 53 per cent of its annual graphite production through the Ancuabe project.

Andrew Frazer, who has moved from a non-executive to executive directorship, said the capital raising would allow the company to expedite the development of the Ancuabe graphite project.

“We know that the Ancuabe Graphite Project is ideally suited to supply large flake, high concentrate expandable graphite,” he said.

“Over the course of 2021, the outlook and demand for high purity expandable graphite to supply the global building materials sector and flake graphite for the booming electric vehicle revolution, has strengthened and accelerated.”

Triton’s shares were trading at 3.5 cents at 12pm AEST.