The capital raising, reported Diário Económico, will be carried out in two phases, with the first phase planned to raise $3.47 million by issuing 124 million shares to institutional and sophisticated investors.
In the first phase, the company plans to issue one option for each share, while the second phase, which is still subject to shareholder and regulatory approval, includes a $5 million commitment from Shandong Yulong.
The share price will also be 2.8 cents with each share including an attachment option exercisable at four cents expiring in three years. Triton will use the proceeds to expand the Ancuabe Project and, in particular, move forward with preliminary studies, approvals and the construction of a commercial pilot plant.
“This placement will ensure that the company capitalizes on the energy transition, a trend responsible for the growing demand for graphite which is forecast to continue to increase at a rapid pace given its use in batteries for electric vehicles and energy storage, as well as significant demand from the flame retardant building materials sector,” said CEO Andrew Frazer, in a note issued to shareholders.
“We are also working closely with government authorities on the potential re-establishment of Nicanda Hill (one of the largest graphite exploration projects worldwide, located in Balama), for which discussions are continuing,” he added.
