Australia-listed Wavenet previously focused on manufacturing modem products internationally, but has since become more focused on coal opportunities in Queensland.
The company is already Carabella’s leading shareholder with a 13.09% stake, but has recently received consent to acquire another 7.4 million ordinary Carabella shares.
Carabella followed up this announcement on Friday with this morning’s notice it has appointed UBS as a corporate advisor.
“We look forward to working closely with UBS as the company continues to progress the development of the Grosvenor West coking coal project, and the broader Mabbin Creek tenement area,” Carabella managing director Mitch Jakeman said.
The latest drilling results at the Grosvenor West open cut project included 12 holes intersecting averages of 8m of coal in two seams and at depths of 111-145m.
More drilling will target the shallowest sections of the prospect in the northwest corner of the project area with an updated resource model expected in July.
Carabella shares are up 3.8% this morning to $2.06, following a 6% gain on Friday.