Carnavale Resources (ASX:CAV) received firm commitments to raise AU$3 million through the issue of about 857.1 million shares at AU$0.0035 apiece, according to a Monday filing with the Australian bourse.

Eligible shareholders will also be able to participate in a non-renounceable pro rata entitlement offer to raise up to an additional AU$4.1 million on the basis of one new share for every four shares held at AU$0.004 apiece, together with one free-attaching share for every seven shares subscribed for and issued, the filing said.

Proceeds will be used to fund the development of the Kookynie project in Western Australia, according to the filing.