- Triton Minerals (TON) will raise approximately $4.1 million via a placement with Taurus Capital Group acting as lead manager
- The two-tranche placement will issue 140 million shares at an issue price of 2.9 cents, with options issued on a one-to-one basis at five cents each expiring June 30, 2024
- Funds raised will go towards the company’s flagship Ancuabe graphite project, with production targeted in the short term
- The company has given its shareholders notice of its Annual General Meeting (AGM), scheduled for May 31
- Triton Minerals shares are down 8.82 per cent, trading at 8.1 cents each
Triton Minerals (TON) is looking to raise approximately $4.1 million via a placement with Taurus Capital Group acting as lead manager.
The placement will issue 140 million new shares at an issue price of 2.9 cents, with each subscriber to be issued options on a one-to-one basis for nil cash consideration with an exercise price of five cents each and an expiry date of June 30, 2024.
Funds raised will go towards the company’s flagship Ancuabe Graphite Project, with production targeted in the short term.
There will be two tranches to the placement, with the first issuing 16 million shares and the second issuing the remaining 124 million shares subject to shareholder approval.
Triton has confirmed sophisticated and professional investors have given their firm commitment to the first tranche, which will see the company raise $464,000 of its intended raise.
Settlement of the first tranche of shares is anticipated to occur on or around May 3.
The company has also provided its shareholders notice of its Annual General Meeting (AGM) scheduled for May 31.
The Board seeks to gain shareholder approval for the ratification of the issue of the first tranche placement shares, the issue of Tranche 1 Options, Tranche 2 Placement Shares and Tranche 2 Placement Options and 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 company’s AGM.
TON shares were down 8.82 per cent, trading at 8.1 cents as of 10:15 am AEST.