PERTH (miningweekly.com) – Junior Caravel Minerals will raise A$12-million in a share placement to fund a definitive feasibility study (DFS) for the Caravel copper project, in Western Australia, and to fund further resource drilling.
The ASX-listed company has received firm commitments for the placement of 60-million new fully paid ordinary shares at a price of 20c each. The offer price represented a 9.3% discount to Caravel’s last trading price, and an 11.6% discount to the company’s ten-day volume weighted average share price.
The placement will be done in two tranches, with the first tranche of 59.5-million shares to raise an initial A$11.9-million, while a second tranche placement to executive director Alasdair Cooke will raise a further A$100 000, subject to shareholder approval.
“We are very pleased with the strong support shown by new and existing institutional and sophisticated investors to participate in this important phase of the Caravel copper project. The proceeds of the capital raise will assist us advance the Caravel copper project DFS and take the project toward a development decision,” said Cooke on Wednesday.