In December 2019 Triton completed its strategic partnership agreement with Jinan Hi-Tech) (JHT) whereby JHT acquired 34.01% of Triton. Key terms of the Deal are:
- JHT is a Shandong provincial state-owned enterprise involved in building and infrastructure
- JHT investment comprises:
- Subscription of $8.5m at 4.1 cents/share
- Acquisition of Shandong Tianye Mining TON shares for $11m at 6.2 cents/share
- Provision of financing support for Ancuabe Project total debt package with Chinese banks expected at concessional interest rates
Funds raised from the strategic placement will be used to commence early construction activities, detailed engineering and placement of long lead time orders for the Ancuabe Graphite Project.
In addition to the investment of 34.01% of Triton, JHT agreed to provide financing support for the EPC package debt funding.
Jinan Hi-Tech group was established in 2005 and is a Shandong provincial State-Owned Enterprise (“SOE”) primarily involved in the building and infrastructure sectors and is headquartered in Jinan, China. It is a multibillion-dollar group involved in the construction of industrial parks, public security facilities, roads and greening projects, and sewage networks and river projects; development of urban complexes, commercial and residential buildings, and other projects; investment and asset management activities; and operation of industrial parks. The company is headquartered in the city of Jinan, Shandong Province, China.