Trafford in entitlements issue to raise $107,407

West Perth-based minerals exploration company Trafford Resources Ltd aims to raise $107,407 through a non-renounceable entitlements issue for working capital.

The options, which will be issued at 1c each on a basis of 1 for every 3 shares held, will be exerciseable at 25c on or before October 24 2008.

The company had raised $4 million earlier this year in its initial public offer, closing $1 million oversubscribed.

There is no minimum subscription, but oversubscriptions will not be accepted.

Trafford also announced the discovery of a gold intersection of 36 metres at 5.71g/t Au from 52m, including 12m at 11.37g/t from 68m, from the company's Weednanna Prospect in South Australia.

The prospectus will be distributed to shareholders on October 6, with the offer to close on October 20.