Maputo, Mozambique — 22 June 2012 – Australian company Triton Gold has signed a binding term sheet with Mozambican company Grafex Limitada for the acquisition of five graphite prospecting requests in the province of Cabo Delgado.
Macauhub News Agency reports that under the terms of the sheet Triton Gold would have to pay US$1.5 million in direct cash payments to Grafex, which owns the five prospecting requests.
Triton Gold will also give Grafex 15 million of its own shares and 10 million non-listed options that may be exercised within three years at a cost of 0.05 Australian dollars per share.
The Australian company will also carry out a placement of 5 million shares at 0.10 Australian dollars per share in order to raise A$500,000 to be used for prospecting in order better to understand the potential of the land covered by the five requests.
Cabo Delgado province has been in the mining sector news recently due to positive results obtained by Syrah Resources at the Balama, where high quality graphite was found, specifically with a carbon content of 94%.
Other known graphite deposits in the region include the Ancuabe mine, the Balama Montepuez area and some areas to the south of Ancuabe, but north of the Lúrio River.
World graphite prices have been on the rise, from US$600/t in 2004 to US$3,000/t in 2011, as demand continues to exceed supply.
Source: Macauhub News Agency. For more information, click here.