PERTH (miningweekly.com) – Junior Caravel Minerals will raise just over A$2-million through a partially underwritten, non-renounceable rights issue to complete additional work at its Calingiri copper project, in Western Australia.
Eligible shareholders will be able to apply for one new share for every three shares held, at an issue price of 5c a share.
Caravel said on Wednesday that the funds raised would cover further drilling and metallurgical testwork, new resource modelling, infrastructure studies and groundwater supply studies, as well as land tenure and social and environmental studies.
The additional work will allow Caravel to make a decision to proceed with a final feasibility study to support a final decision to mine.