Triton Takes 60% Majority Interest in Mozambique Graphite Projects
November 22, 2013 (Source: Triton Minerals) — Triton Minerals Limited (ASX: TON, “Triton”, “the Company”) is pleased to advise after recent discussions with Triton’s joint venture partner Grafex Ltd, Triton will now take a 60% interest in the Mozambique graphite projects.
The Company confirms that Triton will immediately move from the current holding of 49% interest to a majority 60% interest in the Balama and Anucabe projects.
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The Company will make a number of staged cash payments over the next 18 months (total US$550,000) and share issues (total 5M shares) to the current Grafex Ltd shareholders. To achieve this majority position in Grafex Ltd, Triton will utilise the compensation that was originally allocated to acquire the 51% interest in the projects under the Joint Venutre terms.
Subsequently, on the commencement of a Definitive Feasibility Study, Triton will then move to a 75% equity interest in Grafex Ltd. Finally, the Company will obtain a 80% equity interest in Grafex Ltd should a project move into graphite production.
Triton Managing Director Brad Boyle said “The Company has taken steps to ensure it has a majority controlling interest of the Mozambique graphite projects. This position will allow the Company to advance the graphite projects in a more timely fashion.
Triton has taken this step in light of the strong drilling and exploration results that have demonstrated various zones of large flake high grade graphite and vanadium mineralisation at the Nicanda Hill prospect and along the 5km mineralisation zone on the Cobra Plains prospect both in the Balama North Project.”
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>