19/01/2007 - 13:28

Carnavale to raise $4m in IPO for Brazilian copper, gold

19/01/2007 - 13:28

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Balcatta-based gold and copper company Carnavale Resources Ltd has announced plans to raise $4 million through its initial public offer to fund the purchase of two Brazilian tenements.

Carnavale to raise $4m in IPO for Brazilian copper, gold

Balcatta-based gold and copper company Carnavale Resources Ltd has announced plans to raise $4 million through its initial public offer to fund the purchase of two Brazilian tenements.

The company will offer 20 million shares at 20c each, setting the minimum subscription level at $3 million, with the intention of commenceing exploration of the two copper and gold tenements within three years.

Carnavale is chaired by law firm Price Sierakowski partner Adam Sierakowski, with Hans Biener serving as an executive director along with Burey Gold Ltd chair Ron Gajewski, who will work in a part-time capacity. Peter Christie is also on the board as a non-executive director.

The company has employed West Perth's HLB Mann Judd as independent accountants and auditors to the deal.

The offer, which is not underwritten, will open on January 23, to close on February 23.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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