@Names little
That's a great point,
Maybe why FH have only allocated ($1.00 owing to Grafex)
So if the ($10 million) (Grafex - Sheffield & Warwick Grigor) are claiming is not enforcible
Then the total debt is around the ($1 million) mark
Below are the details regarding (Grafex Deal)
GRAFEX ACQUISITION TERM EXTENDED
Triton is also pleased to announce that, after recent discussions with Triton’s joint venture partner Grafex Ltd (Grafex), Triton and Grafex have agreed to new terms to extend, for a further 12 months, the timeline for the 2nd Tranche payment of US$5M in cash and US$5M in shares, to acquire the remaining 20% interest in Grafex and all of the Mozambique graphite projects known as Balama North, Balama South and Ancuabe (the Projects).
The implementation of the LSI facility has provided Triton with the ability to renegotiate the acquisition terms with Grafex. Under the new terms, Triton will pay an extension fee of US$200,000 to Grafex and for this payment is granted a 12 month extension period. During this extension period Triton will aim to pay a series of instalments of cash and shares to Grafex which over the extension period in full satisfaction of the 2nd Tranche payment, resulting in Triton obtaining 100% control of Grafex.
Significantly, Triton notes that an additional earn-in milestone has been incorporated into the new terms to acquire a 90% equity interest in Grafex. Through the payment of US$3M in cash and US$3M in shares to Grafex, Triton will acquire a 90% equity interest in Grafex and the Projects. Once the remaining US$2M in cash and US$2M in shares of the 2nd Tranche is paid Triton will acquire 100% ownership of Grafex and in particular the Balama North project which hosts the world’s largest known graphite and vanadium resource at Nicanda Hill.
As is currently the case under the joint venture agreement, should Triton fail to complete the payments to acquire the 90% interest then Triton will maintain its current 80% equity and Grafex will be free carried by Triton until production.
In the case that Triton has achieved a 90% equity interest in Grafex and fails to complete the payments to acquire the 100% interest then Triton will maintain its 90% equity interest and Grafex will be free carried by Triton until production.
Commenting on the transaction, Triton’s Managing Director & CEO Brad Boyle noted "Triton is fortunate to have such a supportive joint venture partner, which has been accommodating and flexible. This flexibility has provided the Company with the opportunity to continue towards the full acquisition of the Mozambique graphite projects, whilst allowing Triton the ability to continue with the exploration and development of the project areas.
Triton is looking forward to 2015, as now, with funding in place and the Grafex acquisition terms amended, the Company is very well placed to advance towards the production timeline at Nicanda Hill, set for early 2017."
Regards
Brad Boyle
CEO & Managing Director
Triton Minerals Ltd
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