Nov. 12, 2019 - Triton Minerals Limited (ASX: TON, Triton or Company) is pleased to advise that Jinan Hi-Tech (“JHT”), a major Shandong based state owned enterprise (“SOE”) has approved, a second interim debt funding arrangement of $2.7 million, available immediately. This is in addition to the interim funding arrangement of $2 million announced on 9 July 2019. This second interim loan will provide the Company with funding to meet the financial guarantee requirements of the Mozambique mining regulations to commence construction of the Ancuabe Graphite Project.
Key Terms of the Interim Funding
The interim debt funding arrangement has been facilitated with an Australian associate company of JHT, Shandong Tianye Group Bid Co Pty Limited, an Australian entity associated with Shandong Tianye Mining Co. Ltd. The loan is unsecured, with an annual interest rate of 11% that is accrued monthly. The interest will be paid at the time when the principal is repaid.