Balcatta-based Carnavale Resources Ltd will raise around $9.4 million through a placement to fund exploration programs planned for its Brazilian iron ore, molybdenum and gold projects in the 2008 calendar year.

Balcatta-based Carnavale Resources Ltd will raise around $9.4 million through a placement to fund exploration programs planned for its Brazilian iron ore, molybdenum and gold projects in the 2008 calendar year.