Caravel said it would use the funding to complete a prefeasibility study on its namesake copper project near Perth, as well as for exploration of the company's other assets.
The Caravel deposit contains 662 million tonnes grading 0.28% copper for 1.8 billion tonnes of copper.
A PFS is due for completion by the end of the year.
Previous scoping work completed nearly two years ago outlined a 23-year project costing circa $500 million to build and initially producing about 45,000t per annum.
As well as copper going well, interest in Caravel is likely to have lifted with the Julimar discovery made by Chalice located between Caravel's copper deposit and Perth.
Shares in Caravel were unchanged at 18.5c in late trade, capitalising Caravel at $53 million.
