West Perth-based minerals explorer Trajan Minerals Ltd aims to raise $2.5 million in its initial public offer to fund nickel-focused exploration of Northern Territory tenements in which it has rights to a majority interest.
The company, which will issue 10 million shares at 25 cents each, has entered into a Farmin Agreement with Discovery Metals Ltd, with the South Australian company giving Trajan the right to earn a 51 per cent interest, potentially increased to 80 per cent, in tenements located in the Litchfield/Batchlor area of the Northern Territory.
Trajan says in its prospectus the area received significant exploration prior to 1990, predominantly for uranium and copper-zinc, but little of that work was focused on nickel mineralisation.
While the company will initially focus on nickel in its 1,640 sqkm Litchfield deposit, it will also investigate the potential for economic mineralisation on the Company's tenements for various other commodities, with exploration base metals, uranium and diamonds having been undertaken on the sites in the past.
The company is chaired in an executive capacity by Erongo Energy Ltd chair and Delta Capital director Mathew Walker. He is joined on the board by fellow Windy Knob Resources Ltd directors Russell Lynton-Brown and David Parker, with Mr Parker also serving as company secretary.
The offer is not underwritten and no oversubscriptions will be accepted.
Trajan has retained HLB Mann Judd as its independent accountant, with Steinepreis Paganin providing the firm with legal advice.
The offer opened on May 2 and will close on June 1.
