Capital Raising To Progress Feasibility Study
Perth, Mar 5, 2015 AEST (ABN Newswire) - Triton Minerals Ltd (
ASX:TON) (Triton or Company) is pleased to announce that it has successfully completed a placement to institutional and sophisticated investors of approximately 7.1 million fully paid ordinary shares (Shares) at a price of $0.14 per Share to raise approximately $1 million (Placement).
Net proceeds from the Placement will be used to progress the Feasibility Study at the Nicanda Hill Project, further delineate the Mutola, Grande and Macico high grade zones at Nicanda Hill and general working capital purposes.
GMP Securities acted as Lead Manager to the Placement and Merchant Capital was a broker to the Placement.
The Placement will be completed in a single tranche under ASX Listing Rule 7.1 and is expected to settle on Friday 13 March 2015.
Participants in the Placement will be issued with one free attaching option for every two Shares allocated in the Placement (Options). The Options, expected to be listed, will be exercisable at A$0.20 per share and expire two years from the date of issue.
Commenting on the Placement, Triton Minerals Managing Director & CEO Brad Boyle said: "Triton is pleased with the support we have received from institutional and sophisticated investors.
The proceeds from the Placement will assist the Company to progress the feasibility study at the Nicanda Hill Project, which we expect to be completed by the fourth quarter of 2015."
About Triton Minerals Ltd
Triton Minerals Limited (ASX:TON) is an ASX listed, responsible mineral explorer and resource management company headquartered in Perth, Australia.
Led by a highly experienced management team, Triton Minerals' vision is to grow shareholder's value through discovery or development of base metal, gold and other precious metal deposits.
Triton has made excellent progress with its three Graphite projects located in the Cabo Delgado Province in Mozambique, with the program successfully identifying a number of graphitic exposures.
It is the Company's belief that the Mozambique, Balama North Project could host multiple and very substantial world class graphite deposits.
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