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Triton Minerals Ltd. (ASX:TON) announced that it’s signed a letter of intent (LOI) with Shenzhen Qianhai Zhongjin Group Co. Ltd., a Chinese equity firm, under which Shenzhen has agreed to provide US$200 million in funding for the company’s Nicanda Hill operation.
Triton Minerals Ltd. (ASX:TON) announced that it’s signed a letter of intent (LOI) with Shenzhen Qianhai Zhongjin Group Co. Ltd., a Chinese equity firm, under which Shenzhen has agreed to provide US$200 million in funding for the company’s Nicanda Hill operation.
The company said that the finalization of subsequent definitive agreements will allow it to secure full funding for Nicanda Hill.
Highlights include:
- Proposed project funding package of 50:50 debt to equity; Up to US$100 million direct equity investment in Triton and up to a US$100 million debt facility.
- An off-take agreement with an initial term of 10 years at 200,000 tonnes of graphite concentrate per year for Triton’s Mozambique Graphite (TMG) sourced from Nicanda Hill; and
- Both the project funding agreement and the off-take agreement are conditional on the completion of a formal due diligence by SQZG, to be completed no later than 30 June 2015 and the execution of final binding agreements.
Brad Boyle, managing director and CEO of Triton, commented:
This is yet another outstanding achievement for Triton as this Letter of Intent signifies an important step towards securing complete and comprehensive funding for the development of our flagship Nicanda Hill deposit. Shenzhen Qianhai Zhongjin Group Co., Ltd is a very large, reputable banking, equity and resource trading house.
We are delighted and privileged to be associated with SQZG who are looking to align themselves with Triton as a long term strategic partner, a cornerstone investor, financier and off-take partner
Click here to read the full Triton Minerals Ltd. (ASX:TON) press release.