Caravel Minerals Seeks AU$5 Million via Institutional Placement

MT Newswires Live2024-10-18

Caravel Minerals (ASX:CVV) received firm commitments to raise AU$5 million via a non-underwritten institutional placement, according to a Friday filing with the Australian bourse.

The placement comprises the issue of roughly 34.5 million new fully paid ordinary shares at AU$0.145 apiece, a nearly 22% discount to the last closing price on Tuesday.

The mineral explorer's management intends to subscribe for about AU$190,000 in the placement, subject to shareholders' approval.

Funds will be used to advance the company's Caravel copper project in Western Australia.

Caravel Minerals' shares pared earlier losses to close at AU$0.175, down past 5%.

Price (AUD): $0.175, Change: $-0.010, Percent Change: -5.41%

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