Triton to raise up to $11.3m

Graphite-vanadium explorer Triton Minerals has announced an $11.3 million partially-underwritten entitlement offer at 15 cents a share.

GMP Securities has underwritten $4 million of the pro rata non-renounceable offer.

Eligible shareholders will be able to subscribe for up to one share for every five shares held, with a free option exercisable at 20 cents for every two shares subscribed for.

The company says it expects to raise up to $11,296,483, which is intended to fund further exploration of Triton’s assets in Mozambique and in the construction of a manufacturing facility in China.

The facility is a joint venture between the company and Yichang Xincheng Graphite Co.

Triton shares were down 21.6 per cent to 14.5 cents a share when the market closed this afternoon.