Berkeley, Otto, Eleckra on capital hunt

Three Western Australian resource companies are today on the hunt for capital with trading of shares in both Otto Energy and Eleckra Mines halted and Berkeley Resources unveiling plans to raise $10 million.

Berkeley said it is currently in confidential talks relating to proposed raisings to raise between $5 million and $10 million, with shares to be priced at around current trading prices.

Shares in Berkeley have dropped four cents to 46c at 13:33 AEDT.

Meantime, Otto expects to come out of the trading halt on Thursday after it releases details of a "material capital raising". Shares in the company last traded at 10c.

Eleckra also expects its trading halt to be lifted on Thursday when it plans to proposed a capital raising transaction to shareholders. Shares in Eleckra last traded at three cents.