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General mining & base metals

Carnavale Resources completes acquisition of 80% of Ora Banda South Gold Project

In consideration for completing the purchase, the company has paid $150,000 cash and issued 15 million ordinary shares to Western Resources.

Proactive

Carnavale Resources Ltd (ASX:CAV) has completed the acquisition of 80% of the Ora Banda South Gold Project from Western Resources Pty Ltd.

The company has paid $150,000 cash and issued 15 million ordinary shares to Western Resources and this complies with CAV’s existing placement capacity under Listing Rule 7.1.

Western Resources has agreed to a voluntary three-month escrow on the shares issued and will be free carried until completion of a bankable feasibility study.