Triton rescue goes ahead

Triton Minerals is set to get a second chance after administrators Ferrier Hodgson released control of the business to a private gold company and a corporate finance firm, which will raise a combined $14.1 million and relist the graphite explorer on the ASX.

Patrick Burke, of Somers & Partners, and two representatives of Chinese group Minjar Gold have replaced Ferrier Hodgson members as directors of Triton, after creditors approved a deed of company arrangement proposed by the two companies.

Minjar will now subscribe for 105.2 million shares in Triton at 6 cents each to raise $6.3 million, with $5 million of that to be used to extinguish all creditors’ claims against the company.

Following that, Somers & Partners will underwrite a non-renounceable entitlement issue of at least 131.5 million shares, also at 6 cents a share, to raise no less than $7.8 million.

If the raisings are successful, Triton will then apply for relisting on the ASX.

Triton entered voluntary administration in early March, after burning through its cash and failing to raise funds from investors.