Carnaby Resources (ASX:CNB) completed the second tranche of its placement announced in November 2024, issuing roughly 13.5 million new shares at AU$0.31 apiece to raise AU$4.2 million, according to a Thursday filing with the Australian bourse.

The second tranche of the placement, including the participation of the company directors, received shareholder approval at a meeting held on Jan. 29, the filing said.

Shares fell nearly 3% in afternoon trade Thursday.