Coretrack completes capital raising

East Perth-based Coretrack has successfully completed a $500,000 share placement with funds to help develop its core level recorder tool.

The company said it placed 5 million shares at 10 cents each to clients of Maiden Capital Pty Ltd, together with 2.15 million free attaching options, exercisable at 20c each on or before November 2011.

"This placement shows the confidence that investors have in the Company and is a further endorsement of Coretrack's Core Level Recorder (CLR) System and related technologies pertaining to the oil and gas industry," Coretrack said.

Funds will be used to buy two mud pulse systems, which forms an integral part of the CLR system. Delivery is expected to take place later this month.

Shares in Coretrack were up 10 per cent to 11c at 15:04 AEDT.