Trafford Resources Limited is a Perth-based mineral exploration company which has been listed on the Australian Stock Exchange since Mid June, 2006.
Trafford’s primary focus is exploring for Iron Oxide, Copper, Gold and Uranium (IOCGU) deposits at the Wilcherry Hill Project in South Australia’s Gawler Craton. Trafford recently discovered large quantities of high grade magnetite iron and is currently investigating the feasibility of establishing iron ore operations at Wilcherry. Gold associated with some of the iron could be a major beneficial by-product.
Transview Holdings says wholly-owned subsidiary Transview Resources has signed a share placement agreement with Trafford Resources to purchase 6,203,486 new shares representing 10% of the share capital of Trafford at A$0.25 per share or a total of A$1,550,871.50 ($1,954,098).
Transview Resources also has the option to acquire a further 5% (3,101,514) of new Trafford shares at A$0.25 per share. Upon exercise of the options, Transview Resources will own 9,305,000 ordinary shares in Trafford, which represents 15% of Trafford’s current share capital. The investment is funded by the group’s internal resources.
Trafford last traded at A$0.89 and has been shooting up sharply lately since it announced the discovery of gold.
Head in the grapevine: Transview is being accumulated.
Do note: Transview liquidity has not been fantastic, so there is liquidity risk.
--> This note is send out around 9.30am this morning.. Transview has since move up to closed at 19cents today.
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