Join our daily newsletter At The Bell to receive exclusive market insights
- Traka Resources (TKL) has entered a trading halt ahead of a capital raise
- Majority of the funds raised will go towards exploring its Mt Cattlin Gold Project, however, it is uncertain how much the company intends to raise
- Last week, Traka secured rights for the Mt Cattlin Gold Project under a new agreement with Galaxy Resources (GXY)
- For the June quarter, the company burnt $145,000 on its operating activities and ended the quarter with $120,000 cash in hand
- Traka shares last traded for 2.8 cents on July 30
Traka Resources (TKL) has entered a trading halt ahead of a capital raise.
The majority of the funds raised will go towards exploring the Mt Cattlin Gold Project, however, it is uncertain how much the company intends to raise. Funds will also be used to further explore its Gorge Creek Project.
Company shares will be paused until the company makes an announcement or by Tuesday, August 4.
Mt Cattlin Gold Project
Last week, Traka secured rights for the Mt Cattlin Gold Project, under a new agreement with Galaxy Resources (GXY).
Traka exchanged its 20 per cent free-carried interest in the Mt Cattlin North tenements for 100 per cent of the gold and other mineral potential within the tenement area.
Mt Cattlin included a group of abandoned mines, where modern work has shown the area is associated with larger mineralised shear zones.
Gorge Creek Project
Work at the Gorge Creek Project in northern Australia was originally halted due to COVID-19 travel restrictions, but the recent easing of restrictions has allowed the company to plan work in the remaining three months of the dry season.
“A gravity survey and drilling on the Hercules target will be undertaken if possible,” the company told the market.
Last year, Traka completed a comprehensive exploration program which found lead and zinc targets.
June Quarter
Today, Traka released its June quarter report. The company burnt $145,000 on its operating activities this quarter.
At the end of the quarter, Traka had $120,000 in cash, which is lower than the previous quarter’s $265,000.
Traka shares last traded for 2.8 cents on July 30.
