Triton Minerals Limited
(ASX:TON) has raised $1 million in a capital raising aimed at progressing a feasibility study for the Nicanda Hill project in Mozambique.
The minerals explorer says the placement of around 7.1 million shares at $0.14 per share was to institutional and sophisticated investors.
The funds will be directed towards a study of the graphite and vanadium deposits at Nicanda, delineating the key zones.
Managing Director and CEO Brad Boyle says Triton is pleased with the support from investors and hopes the feasibility study will be completed by the fourth quarter of 2015.
Triton reported a net loss of $1.9 million in the six months to June last year.
