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Commenting on the capital raising, Triton Managing Director Peter Canterbury said:
“We are pleased by the strong support from existing shareholders and new institutional investors. The capital raising bolsters the Company’s balance sheet following the recent Grafex acquisition and restructure of the joint venture, and provides working capital ahead of the anticipated ramp-up of development activities at Ancuabe and Nicanda Hill.

As detailed in the ASX announcement dated 13 March 2018, Triton is progressing multiple development streams at Ancuabe including offtake agreements, marketing, EPC contractor engagement, approvals and project finance. Through this capital raising, Triton will be in a better position to progress these objectives and negotiate final terms without working capital restraints.

Part of the capital raising proceeds will be allocated to commercial activity at Nicanda Hill, one of the world’s largest graphite and vanadium deposits. Given the strong increase in vanadium prices and equity market valuations of vanadium projects, Triton has engaged CSA Global to undertake a review of the vanadium resource and exploration data.

Having considered the possibility for a larger share placement, Triton determined it was in the best interests of the Company to provide existing shareholders the opportunity to participate in the capital raising particularly given the anticipated project milestones and a final investment decision for Ancuabe anticipated in Q2 2018.”