Carnavale Resources Ltd (ASX:CAV) has allotted some 600 million ordinary shares at a price of $0.0045 per share to raise $2.7 million to institutional, sophisticated and professional investors.
A shareholder meeting will be held in August to seek approval for chair Ron Gajewsk and non-executive director Andrew Beckwith to subscribe for 45 million shares each.
This would raise a further $405,000 to ensure that the company is well funded to test for extensions of high-grade gold mineralisation and ultimately defining a high-value gold resource at Kookynie.