- Caravel Minerals (CVV) has received firm commitments to raise $7.5 million via a share placement
- The explorer will use the capital to finance additional infill and extension drilling at its Caravel Copper Project in WA’s Wheatbelt region
- Additionally, CVV will allocate some of the funds to support the potential acquisition of land over the Bindi Deposit and Caravel Project area
- Subject to shareholder approval, the company is set to issue more than 27.7 million new, fully paid ordinary shares to institutional and professional investors, priced at 27 cents each
- Notably, a large institutional investor is slated to invest $7 million in the placement
- CVV intends to issue shares following a shareholder meeting scheduled in mid-June
- Caravel Minerals shares have spiked 3.95 per cent to trade at 36.5 cents each
Caravel Minerals (CVV) has received firm commitments to raise $7.5 million before costs, via a share placement.
The explorer will use the capital to finance additional infill and extensional drilling at its Caravel Copper Project in Western Australia’s Wheatbelt region.
Additionally, it will allocate some of the funds to support the potential acquisition of land over the Bindi Deposit and Caravel Copper Project area.
Through the placement, and subject to shareholder approval, CVV is set to issue more than 27.7 million new fully paid ordinary shares to institutional and professional investors, priced at 27 cents each.
Notably, the company says a large institutional investor is slated to invest $7 million in the placement.
CVV intends to issue new shares, ranked equally to existing shares on issue, following a shareholder meeting scheduled in mid-June.
According to Caravel, recent work at Bindi East has identified new geological features with significant implications for the project’s resources.
For this reason, moving forward, a key objective of drilling will be defining the resource for higher-grade areas that may be brought into the early part of the explorer’s mine planning schedules.
At present, Caravel is fully funded to complete pre-feasibility studies and bring forward some of its activities, such as its pending land acquisition, to allow de-risking of the project and shorten the timeline to a development decision.
Caravel Minerals shares have spiked 3.95 per cent to trade at 36.5 cents at 4:55 pm AEST.