News: Caravel Minerals to raise capital through share placement

Caravel Minerals (ASX:CVV) has been granted an ASX trading halt in relation to a material placement of shares.

The halt will last until the earlier of the announcement being made or the start of trade on Monday, 13th July 2015.

Yesterday, the company executed a definitive Farm-In Agreement with First Quantum Minerals (TSX:FM) to advance its flagship Calingiri Copper-Molybdenum Project in Western Australia.

First Quantum will have the right to acquire a 50.1% interest in the Calingiri Project after contributing $3.6 million and has first right to increase its equity further.

The global resources group has also agreed to convert the existing convertible loan agreement in the amount of A$600,000 to shares in Caravel at $0.013 each.

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