Caravel Minerals Limited announced that it will issue 17,600,000 shares at a price of AUD 0.17 per share for gross proceeds of AUD 2,992,000 on August 3, 2022. The transaction will include participation from institutional, sophisticated and professional investors, Alasdair Cooke for AUD 500,000 subject to shareholder approval and existing shareholders. The transaction is expected to close on August 9, 2022.