Caravel raises copper cash

The company on Monday announced that it had received firm commitments from institutional and professional investors for the placement of more than 27.7-million shares, at a price of 27c each.

A large institutional investor will subscribe for A$7-million in the share placement, subject to the approval of Caravel shareholders.

Proceeds from the capital raise will be used to fund additional drilling at the Caravel project, and potential land acquisition over the Bindi deposit and the Caravel project area, as well as to fund general working capital.

The junior told shareholders that the company was now fully funded to complete prefeasibility studies and to bring forward some activities, such as land acquisition, that would allow de-risking of the project and shorten the timeframe towards a development decision.