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.