Traka Resources completed a capital raising and conducted due diligence on the potential acquisition.

Traka Resources Limited (ASX: TKL) has completed a capital raising of AU$0.69 million through placing shares at a premium to the market price. The funds will be used to continue the exploration of the company's existing projects and to conduct due diligence on the potential acquisition of an 80% interest in the Mavago and Meponda rare earth element (REE) and niobium projects in Mozambique. Traka has signed a binding option agreement to acquire the Mozambican projects, which the company believes could be transformative. Traka's existing shareholders strongly supported the placement, and the company will provide further updates on the Mozambican projects as it completes its due diligence.

The placement was strongly supported by existing shareholders and represents a 33% premium to the last traded share price and a 38% premium to the 15-day volume weighted average price. The company, committed to transparency, will utilize its existing placement capacity under ASX Listing Rules for the share issue, while attaching options will require shareholder approval. This commitment to transparency ensures that all decisions are made with the best interests of the company and its stakeholders in mind.

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