Graphite miner Triton Minerals announced in April that it had entered into a mandate with financial solutions provider Taurus Capital Group, pursuant to which Taurus agreed to act as a lead manager of a placement to raise up to about $4.1-million (before costs).

Taurus will act as a lead manager to a placement to issue up to 140-million shares – at an issue price of about $0.03 a share – and up to 140-million options to raise up to about $4.1-million.

Triton Minerals executive director Andrew Frazer states that this capital raising, once complete, will enable the continued, rapid development of Triton’s flagship Ancuabe project towards production.

“Our team has completed a strategic review and desktop study of the various alternatives for bringing the project into production in the short term. “This demonstrated the project could be developed initially through a commercial pilot plant as part of a two-stage development strategy, using a modular build approach which would provide the most efficient and cost-effective solution to developing the project.”

Frazer adds that the tailwinds for the graphite market have never been stronger, so Triton Minerals is committed to continuing rapid development of Ancuabe.

The placement will involve the issue of up to 140-million fully paid ordinary shares (placement shares) at an issue price of about $0.03 a share (issue price), with each ‘placee’ to be issued options on a one-to-one basis for nil cash consideration with an exercise price of $0.05 each, and an expiry date of June 30, 2024.

The issue price represents a 14.7% discount to the last price of about $0.03 a share, an 11.1% discount to the 15-day volume-weighted average price (VWAP) of about $0.03 a share and a 7.6% discount to the 30-day VWAP of about $0.03 a share.

The placement will comprise of two tranches.

Tranche 1 will see the issue of 16-million placement shares using the company’s available capacity under listing rule 7.1, with each place having the right (subject to shareholder approval) to be issued a placement option on a one-for-one basis.

Tranche 2, subject to shareholder approval, will see the issue of up to 124-million placement shares and up to 124-million placement options. Commitments have not yet been sought for Tranche 2.

Triton Minerals confirmed that the company has received firm commitments to place all 16-million of the Tranche 1 placement shares to sophisticated and professional investors, representing proceeds of up to about A$464 000.

Settlement of the Tranche 1 placement shares was anticipated to occur on or around May 3 this year.

T

he company will have provided its shareholders with a notice of the annual annual general meeting (AGM) scheduled for May 31, during which Triton Minerals would seek shareholder approval for two aspects.

The first includes the ratification of the issue of the Tranche 1 placement shares and Tranche 1 placement options; Tranche 2 placement shares and Tranche 2 placement options, as well as the issue of the placement options to Taurus pursuant to the mandate with Taurus.

Settlement of the Tranche 1 placement options, Tranche 2 placement shares and Tranche 2 placement options is anticipated to occur after the AGM.