Caravel signs deal with Canadian miner
PERTH (miningweekly.com) – ASX-listed junior Caravel Minerals has signed a letter of intent (LOI) with TSX-listed First Quantum to accelerate the exploration and development of its Calingiri copper/molybdenum project, in Western Australia.
The LOI would see First Quantum invest $1.25-million into Caravel in exchange for a 12.9% shareholding in the company.
In addition, the two miners would enter into a technical cooperation agreement enabling Caravel to access First Quantum’s geological, operational and technical expertise, and to accelerate the exploration and evaluation of its Calingiri project.
“The agreement with First Quantum represents a major milestone for the company and we greatly appreciate the significant financial and technical commitment. It is clearly evident that First Quantum have formed the view that Calingiri has the potential to emerge as a major new copper mining district right on the doorstep of Perth,” said Caravel CEO Marcel Hilmer.
He noted that the cash proceeds from the First Quantum transaction would support the current and upcoming exploration programmes at Calingiri, while the technical cooperation agreement would enable the company to access one of the best technical and geological teams in the world to assist in evaluating the potential of a large-scale copper/molybdenum project.
The completion of the transaction is subject to a number of conditions precedent, including a due diligence study and the necessary shareholder approval.
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