Traka to raise $1.4m for exploration

Perth-based Traka Resources has announced it has resolved to carry out a fundraising of up to $1.4 million for its ongoing West Musgraves copper and nickel project in central Western Australia.

A share placement will be carried out to raise $690,000, representing 12.4% of the currently issued share capital.

Veritas Securities will manage the placement of 11.5 million shares at 6 cents per share to investors and will rank equally with existing fully paid ordinary shares.

Shareholders will also be offered to subscribe up to $15,000 worth of fully paid shares under the SPP capped at $750,000.

The SPP is expected to open on November 25.

Traka has built up land holdings in the Musgraves area, with exploration split between its joint venture partners Western Areas and Anglo American Australia.

Traka shares are currently trading at 7 cents as of 715am, WST.