- Triton Minerals (TON) increases the underwriting amount of a previously announced capital raise
- Last month, Triton announced Lazarus Corporate Finance would underwrite $1 million of its $9.79 million capital raise to advance the Ancuabe graphite project
- Now, Lazarus will instead underwrite about 105.6 million shares at the same amount of options for up to $4.33 million
- Triton is pleased with the increase and says it’s well-positioned to execute a strategic review and advance the development of a pilot plant at the Mozambique project
- Company shares are up 2.38 per cent to trade at 4.3 cents
Triton Minerals (TON) has amended an underwriting agreement as part of a previously announced capital raise.
Triton previously announced it would offer eligible shareholders the ability to participate in a non-renounceable entitlement offer of up to 238.84 million shares on the basis of four shares for every 19 shares held at 4.1 cents to raise up to $9.79 million.
Participants will be issued with one free-attaching option for every one share issued with each option having an exercise price of 9 cents and an expiry date of December 31, 2023.
In terms of the underwriting deal signed on October 14 with Lazarus Corporate Finance, Lazarus will now underwrite about 105.6 million shares and the same amount of options for up to $4.33 million — a significant increase from the original $1 million.
The company will pay Lazarus an underwriting fee of 5 per cent of the underwritten amount, a management fee of one per cent, and a further $100,000 is to be paid once Triton raises the fully underwritten amount.
The entitlement offer closes on November 30 and the timetable remains the same as the announcement on October 14.
Positively, Triton believes the increased underwritten amount places it in a strong position to execute a strategic review and advance the development of a pilot plant at its Ancuabe graphite project in Mozambique.
Company shares were up 2.38 per cent to trade at 4.3 cents at 12:07 pm AEDT.