PERTH (miningweekly.com) – Junior Caravel Minerals will raise A$2.85-million from a share placement to sophisticated and professional investors to fund drilling at its Caravel copper project in Western Australia.
The company on Monday announced that it would issue 35.6-million new shares, at a price of 8c each, under the company’s existing placement capacity.
The proceeds from the placement will be used to undertake resource drilling at Caravel, to start early stage prefeasibility work at the copper project, and to continue to evaluate the recently acquired exploration properties in the South West Yilgarn region, as well as for working capital.