Traka Resources (ASX:TKL) said Chief Executive Officer Stephen Lynn has resigned, according to a Monday filing with the Australian bourse.

Nicholas Katris will assume the role of non-executive chair, the filing said.

The company also received firm commitments to raise AU$2.5 million through a placement of about 3.57 billion new shares at AU$0.0007 apiece, the filing added.

Participants will receive a one-for-four free attached option with an exercise price of AU$0.0025 and a four-year expiry period, the company said.

Proceeds will be used to advance exploration and for working capital, the company added.