Triton Minerals intends to raise 11.3 million Australian dollars through a share issue in order to continue graphite exploration in northern Mozambique, the Australian company said in a statement Thursday. Under this initiative, GMP Securities Australia agreed to issue shares of up to 4 million Australian dollars through a set of standard conditions in contracts of this kind.
The funds raised will be used to further define the location of the graphite deposits in Ancuabe and in Monte Nicanda, both in the province of Cabo Delgado, northern Mozambique.
The funds will also be used to extend the definitive feasibility study, to include the P66 area in the Monte Nicanda concession and the partnership with a Chinese company for construction of a graphite processing plant in Mozambique.
Triton Minerals also reported that some of the funds raised are expected to be used at the beginning of construction of the processing unit, in partnership with China’s Yichang Xincheng Graphite. (macauhub/MZ)