- Traka Resources (TKL) enters a trading halt while it plans to raise fresh capital
- It isn’t clear how much Traka will raise or what it will use the money for, but the company did recently announce some drilling plans
- Late last month, Traka inked its plan to conduct ground geophysical work and drilling at its Mt Cattlin Gold Project in WA sometime during this quarter
- The trading halt is expected to remain in place until no later than July 6, by which time the funding details will have been released
- Company shares last traded at 1.7 cents on July 1
Traka Resources (TKL) has entered a trading halt ahead of raising some fresh capital.
It isn’t clear how much Traka will raise or what it will use the money for, but the company did recently announce some upcoming drilling plans.
On June 22, the minerals exploration company announced a maiden mineral resource estimate for the Maori Queen and Sirdar deposits in Western Australia.
The deposits have a combined mineral resource of 165,094 tonnes at 3.94 grams of gold per tonne (g/t) for 22,940 ounces.
Maori Queen and Sirdar both lie within Traka’s Mt Cattlin Gold Project which the company believes presents a significant growth opportunity.
In that same announcement, Traka Resources explained it would conduct ground geophysical work and a drilling program at some point in the current quarter. Whether or not the upcoming capital raise will support these programs is not yet known.
The company expects to remain in the trading halt until no later than July 6, by which time the funding details would have been released.
Traka’s shares last traded at 1.7 cents on July 1.