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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
