Under the agreement, Triton Minerals will immediately move from the current holding of 49% interest to a majority 60% interest in the Balama and Anucabe projects.
Triton will also pay a total of $550,000 over the next 18 months and share issues (total 5m shares) to the current Grafex shareholders.
Triton managing director Brad Boyle said the company has planned to acquire majority controlling interest of the Mozambique graphite projects.
"This position will allow the Company to advance the graphite projects in a more timely fashion," Boyle added.
"Triton has taken this step in light of the strong drilling and exploration results that have demonstrated various zones of large flake high grade graphite and vanadium mineralisation at the Nicanda Hill prospect and along the 5km mineralisation zone on the Cobra Plains prospect both in the Balama North Project."
Triton will move to a 75% equity interest in Grafex, following commencement of a definitive feasibility study.
Subsequently, Triton will acquire 80% equity interest in Grafex should a project move into graphite production.
