Carnaby Resources (ASX:CNB) said ASX granted it a waiver of a listing rule to allow for the cancellation of Carnaby's unlisted options for consideration without obtaining the approval of Carnaby's shareholders, for the purposes of facilitating the scheme of arrangement in relation to Evolution Mining's (ASX:EVN) acquisition of the firm, according to a Monday Australian bourse filing.

Carnaby has 5.5 million unlisted options on issue. The aggregate consideration payable for the cancellation of all Carnaby options is AU$835,000, which is to be funded by Evolution.

ASX granted the waiver on the conditions that the full details of the cancellation and the consideration payable are set out, to ASX's satisfaction, in a scheme booklet, and the scheme of arrangement becomes effective.

Its shares fell 5% in recent trading on Monday.