PERTH (miningweekly.com) – ASX-listed Carnaby Resources will raise A$20-million in a non-underwritten placement to accelerate exploration at its Nil Desperandum and Lady Fanny discoveries at the Greater Duchess copper project, in Queensland.
The company would place 15.4-million shares, at a price of A$1.30 each, under its existing placement capacity.
“We are very pleased to have received such overwhelming demand for the placement and welcome a number of high-quality institutional and sophisticated investors onto our share register,” said Carnaby MD Rob Watkins.
“We also welcome the support of OZ Minerals, whose investment is a further validation of the potential of the Nil Desperandum and Lady Fanny early-stage discoveries, as well as the wider Greater Duchess copper/gold project. The proceeds from this placement put us in a very strong position, with A$25.8-million of pro-forma cash to accelerate the drilling and exploration across the Greater Duchess copper/gold project and continue exploration at our West Australia-based projects.”