Triton Minerals (ASX:TON) has extended the closing date and revised payment arrangements of a recently launched entitlements offer aimed at funding further development of the company’s graphite properties in Mozambique.
The offer closing date will now be January 14, 2016 and the payment date for monies owed by Triton will be deferred to January 31, 2016.
Last month, Triton launched the one for five entitlement offer at an issue price of $0.15 each.
The issue is partially underwritten by GMP Securities Australia to a value of $4 million which will seek to raise up to up to about $11.3 million.
Proceeds have been earmarked in part for the definition of resources at the P66 zone of the Nicanda Hill graphite project (part of the larger Balama North project) in Mozambique.
Funds will also be used to establish a resource at the Ancuabe graphite project, closer to the port city of Pemba.
The company has recently confirmed that surface graphite mineralisation at Ancuabe extends at depth with mineralisation over true widths of 100 metres.
Nicanda Hill progress, meanwhile, has included confirmation that P66 hosts a dominant presence of high-purity large to jumbo flake graphite with selective zones in a mineralised envelope averaging up to 12.9% total graphitic carbon.
The resource development and Definitive Feasibility Study optimisation that the upcoming funding will enable represent significant potential price catalysts for Triton, which has been identified as undervalued.
Source: Proactive Investors Australia