Caravel Minerals (ASX:CVV) has received firm commitments to raise $12M with the issue of 60M new shares at a price of $0.20 per share.

Caravel says the funds will support the execution of the Caravel Copper project Definitive Feasibility Study.

Its Executive Director, Alasdair Cooke has committed to subscribe for 500,000 shares to raise $100,000.

Caravel also announced its appointed Don Hyma as its Managing Director starting November 28, and will succeed Steve Abbott who has been in the role since 2018.