Caravel Minerals (ASX:CVV) has raised $980,940 through the issue...

Caravel Minerals (ASX:CVV) has raised $980,940 through the issue of 122,991,429 shares under the first tranche of a placement to raise $1.45 million.

Issue of the remaining 67,285,718 shares and 103,710,003 attaching options exercisable at $0.013 on or before 31st January 2017 is subject to shareholder approval.

Proceeds will be used for additional working capital and to support and supplement the funds being invested in the company’s flagship Calingiri copper-molybdenum-gold project in Western Australia as part of a definitive Farm-In Agreement with First Quantum Minerals Limited.

First Quantum is expending $3.6 million to earn a 50.1% interest in the Calingiri Project. This along with the raising will see the company fully funded for the coming 24 months.

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