Carnavale to raise about $7m to fast-track KGP project
ASX-listed Carnavale Resources has received firm commitments from professional and sophisticated investors to raise $3-million through a placement of about 857.1-million shares.
Eligible shareholders will be offered the opportunity to participate in a non-renounceable pro rata entitlement offer to raise up to about an additional $4.09-million.
Directors Ron Gajewski and Andy Beckwith have committed to take up their full entitlement and sub-underwrite for an additional $500 000 each.
There has been a board restructure with Beckwith moving to nonexecutive chairperson.
“We are delighted with the results of the recently released updated scoping study for the Kookynie gold project (KGP) [in Western Australia]. The study demonstrates strong economic potential for development of the project into a mineable operation.
“Carnavale’s board has initiated this total $7.09-million capital raise to fund the next chapter in the development of the KGP that centres on the completion of a bankable feasibility study to take the project to a shovel-ready status,” CEO Humphrey Hale explains.
“The company is already in discussions with mining contractors to determine the best way to unlock the contained value in the project. We have already engaged the services of some experienced key personnel with proven records in their field and are restructuring the board to reflect our mining intentions,” he adds.
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