GMP seeks $5m for graphite explorer Triton

Street Talk
GMP seeks $5m for graphite explorer Triton

PUBLISHED: 1 hour 3 MINUTES AGO | UPDATE: 1 hour 3 MINUTES AGO : 15 Jul 2014


Edited by Sarah Thompson, Anthony Macdonald and Gretchen Friemann

Emerging graphite hopeful Triton Minerals is tapping the market for $5 million in an institutional share placement at 50¢ apiece, sources told Street Talk.

The junior’s shares last changed hands at 61¢ before it entered a halt on Tuesday afternoon, ahead of a capital raising.

Triton’s shares have soared more than threefold in the past six weeks, with investors impressed by drilling results at its Nicanda Hill project in Mozambique.

It spent most of the year trading around 10¢ before leaping past 40¢ at the beginning of June on news the deposit housed a handful of high-grade graphite zones.

The cash call, by GMP Capital, comes a day after The Australian Financial Review revealed fund managers were tipping a run of raisings in the resources sector, particularly in gold and graphite, over the next two weeks.

Excitement around the graphite sector is building. On Tuesday Sydney-based graphite company Uranex unveiled it was set to strike an off-take deal with the state-owned China Materials Group for about $125 million of graphite a year that the group will use in high-tech batteries.

sarah.thompson@copyright link.au

The Australian Financial Review

http://www.copyright link/p/opinion/gmp_seeks_for_graphite_explorer_mRtGMTFG1c65mxAoJM2FIJ