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Triton Minerals Heads To Market, Advancing Graphite Exploration In Mozambique

Mozambique graphite explorer Triton Minerals (ASX: TON) is currently in pre-open, following the ASX granting the company a trading halt pending capital raising details.

Triton's shares are now in pre-open.

Just last month Triton moved to a 60% controlling interest in key graphite projects in Mozambique, after finalising an increase from a 49% stake with its joint venture partner, unlisted Grafex Ltd.

The change is significant as a shareholding below 50% would have rendered future development decisions and funding for Balama and Anucabe projects more difficult to complete. It should significantly assist with timelines for exploration and development.

As consideration for the increased stake, Triton will make a number of staged cash payments over the next 18 months (total of US$550,000) and share issues (total 5 million Triton shares) to the shareholders of Grafex Ltd.

The halt will remain in place until the opening of trade on Wednesday 4th December 2013, or earlier if an announcement is made to the market.

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