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Triton Minerals Ltd. (ASX:TON) announced that it’s completed a $12-million private placement with a Hong Kong cornerstone investor, as well as institutional groups and “sophisticated investors.”
Triton Minerals Ltd. (ASX:TON) announced that it’s completed a $12-million private placement with a Hong Kong cornerstone investor, as well as institutional groups and “sophisticated investors.” The company issued 34.3 million ordinary shares priced at $0.35 each.
As quoted in the press release:
Net proceeds from the Placement will be used to progress the Definitive Feasibility Study at Nicanda Hill and to commence an early works program that includes construction of access roads and laydown areas. A drilling program will be conducted to sterilize areas for pre-construction work for the graphite progressing plant and work camps. This program will also include drilling for geotechnical, hydrological and grade control pattern optimisation.
Further, the Placement funds will be used to undertake the initial drilling program at the Ancuabe Project, with the intent of identifying additional substantial graphitic mineralisation; and also to provide general working and corporate capital.
GMP Securities and Merchant Capital Markets acted as Joint Lead Managers and Joint Bookrunners to the Placement.
The Placement will be completed in a single tranche under ASX Listing Rule 7.1 and 7.1A and is expected to settle on Monday, 18 May 2015.
Brad Boyle, managing director and CEO of Triton, commented:
Triton is very pleased with the strong support we have received from new and existing institutional and sophisticated investors in Australia and internationally. In particular we welcome a Hong Kong cornerstone investor who is closely associated with the Shenzhen Qianhai Zhongjin Group Co., Ltd.
The proceeds from the Placement will assist the Company continue with the rapid progression of the DFS at Nicanda Hill, with the aim of completing the study by the fourth quarter of 2015.
These funds will also enable Triton to commence the early works programs (subject to final approvals) which will help the Company fast track the construction of the plant of other facilities at Nicanda Hill.
Finally, these funds will allow Triton to complete an initial drilling program at the Ancuabe Project with the aim of defining further substantial graphite mineralisation to supplement the TMG products once Triton is in production.
Click here to read the full Triton Minerals Ltd. (ASX:TON) press release.