Trafford takes 20% stake in Robust

Perth-based mineral explorer Trafford Resources Ltd will proceed with a $1.4 million acquisition of Sydney-based Robust Resources Ltd, after shareholders gave their blessing.

Trafford will acquire a 19.9 per cent stake in Robust through the issue of 7.2 million fully paid shares priced at 20 cents each.

Trafford also has the option to increase its stake to 26.57 per cent within the next 12 months through the exercise of 3.6 million options at 30c each, for a total of $1.08 million.

Funds raised will be used for exploration works at Robust's Roman Island gold and base metals project, where it is earning a 51 per cent interest followed by an option to earn a further 24 per cent.

Trafford also has the right to nominate two directors to Robust's board.