Caravel signs on First Quantum as shareholder
PERTH (miningweekly.com) – ASX-listed Caravel Minerals has signed a share subscription agreement with TSX-listed First Quantum Minerals, which would see a A$1.25-million cash injection into the junior.
Caravel CEO Marcel Hilmer said on Wednesday that the agreement brought significant financial and technical support to the copper mine developer.
“These funds and the advanced technical support will increase significantly the potential for us to progress Calingiri. The proceeds from the share placement will be used to help plan and execute the exploration activities at Calingiri,” he added.
Under the terms of the share placement, First Quantum would subscribe for more than 83.3-million fully paid ordinary shares, at a price of A$0.015 each. Caravel would also issue 83.3-million unlisted options, exercisable at A$0.035 each within three years from the date of issue.
The two companies have also entered into a technical cooperation agreement that would see First Quantum provide assistance, technical support and personnel to advance the Calingiri copper/molybdenum project in Yilgarn, Australia, with Caravel committing at least 75% of the funds from the placement to the project.
“The technical agreement would also assist the internal team in ensuring that we have many world-class geologists and engineers supporting the exploration programmes,” Hilmer said.
The placement was subject to regulatory and shareholder approval.
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