Triton Raises $4.0 Million to Advance Balama North Project
March 18, 2014 (Source: Triton Minerals Limited) — Triton Minerals Limited (ASX: TON, “Triton”, “the Company”) is pleased to announce that it has raised A$4.0 million through a placement of shares to key sophisticated and institutional investors in Australia and internationally (the “Placement”).
Triton was very pleased with the high demand for the Placement from both existing and new investors, with significant oversubscriptions received. Funds raised from the Placement will be used to fund the first phase of the drilling and exploration program on the key graphite Balama North project in Mozambique.
A total of $4m was raised through the Placement, which will consist of the issue of just over 36.3 million shares at A$0.11 per share. The issue price of A$0.11 represents a 12% discount to the 5 day volume weighted average price (VWAP) of Triton’s shares prior to the Placement commencing.
Triton confirms that the Placement is subject to the Company obtaining shareholder approval to ratify and refresh the Company’s placement capacity and such approval will be sought at a General Meeting of Shareholders, which is to be held at 10.30am on Friday, 21 March 2014 at 278 Barker Road, Subiaco WA. The Company expects to obtain the relevant approval at the shareholder meeting and as such the Placement will be finalised and the allotment of shares would occur during the following week.
As a result of this Placement, Triton is now fully funded to progress the first phase of the aggressive drilling program, exploration activities and studies at its key Balama North graphite project in Mozambique. The remainder of the Placement funds will be used to cover transaction costs and to provide ongoing working capital.
As a result of the recent announcement about the substantial expansion in the exploration potential of the Balama North project, the RC and Diamond drilling programs have also been extended to drill test these new areas.
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The exploration program will consist of completing the first phase of the exploration drilling, moving into potential resource definition drilling and modelling at the Nicanda Hill prospect.
The program will also include general exploration activities on the Charmers and Black Hills prospects and the newly identified Ncugi Trend target, all located in the Balama North project. Further, the program will also include limited exploration activities at both the Balama South and Ancaube graphite projects.
Triton confirms that the RC and Diamond drilling program is due to commence at the Nicanda Hill prospect in mid to late April 2014.
Competent Persons Statements Clarification
We refer to the Company’s ASX Announcement titled “New Potential Graphite Zones Identified At Balama North Project” released to the market on 14 March 2014. It has come to Triton’s attention that further information was required in order to meet the requirements of ASX Listing Rules 5.22 and 5.23, the Competent Person’s Statement for the Exploration Targets and Mineral Resource estimate was missed in error.
Parties are to refer to the following information when reviewing and considering the information contained in the above announcement:
Competent Person’s Statements
“The information in this report that relates to Exploration Targets at the Nicanda Hill, Charmers and Black Hills prospects on the Balama North project is based on, and fairly represents, information and supporting documentation prepared by Mr Mark Drabble, who is a Member of the Australasian Institute of Mining & Metallurgy. Mr Drabble is not a full-time employee of the Company. Mr Drabble is employed as a Consultant from Optiro Pty Ltd. Mr Drabble has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code)’. Mr Drabble consents to the inclusion in this report the exploration results and the supporting information in the form and context as it appears.”
“The information in this announcement that relates to Mineral Resouce Estimate at the Cobra Plains deposit on Balama North project is extracted from the report entitled ASX Release “103Mt Graphite Resource At Cobra Plains” dated 26 February 2014, and is available to view on www.tritonmineralsltd.com.au. The report was issued in accordance with the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the announcement of 26 February 2014, continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement”.
THIS ANNOUNCEMENT EFFECTIVELY CEASES THE TRADING HALT REQUESTED BY THE COMPANY ON 14 MARCH 2014. THE COMPANY IS NOT AWARE OF ANY REASON WHY THE ASX WOULD NOT ALLOW TRADING TO RECOMMENCE IMMEDIATELY.
This document may include forward-looking statements. Forward-looking statements include, but are not necessarily limited to, statements concerning Triton Minerals Limited’s planned exploration program and other statements that are not historic facts. When used in this document, the words such as “could”, “plan”, “estimate” “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Although Triton Minerals Limited believes that its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.
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