A director of Caravel Minerals (ASX:CVV) has picked up a further 2 million shares for a tidy $100k.

Alasdair Cooke bought the shares in the recent rights issue that netted the copper and gold explorer an extra $1.1m.

The latest share buy takes Mr Cooke’s direct and indirect ownership to about 16.4 million shares, or a roughly 9.3 per cent stake.

He also has about 6.6 million unlisted options.

Mr Cooke, who is the founding partner of the Mitchell River Group, was one of a group of shareholders that succeeded in gaining control of Caravel mid-last year.

He is also currently chairman of coal explorer African Energy Resources (ASX:AFR) and a director of gold explorer Anova Metals (ASX:AWV) and health, nutrition and wellness investment company Eve Investments (ASX:EVE).

Caravel Minerals (ASX:CVV) shares over the past year.
Caravel Minerals (ASX:CVV) shares over the past year.

Mr Cooke and and Alexander Sundich were elected to the board in early May, which prompted the remaining Caravel directors to pursue legal action against the shareholder group.

But in an unusual turn of events, the chairman at the time, Peter Alexander, publicly apologised to the group and walked away from the junior explorer.

The board dropped the legal action after the Australian government-run Takeovers Panel declined to call a hearing over allegations the parties were associated and had breached the 20 per cent takeover rule.

The rule means that a person is limited to a maximum 20 per cent shareholding in an ASX-listed company and cannot move beyond that unless they launch a formal takeover offer.

Caravel’s CEO at the time, Marcel Hilmer, and non-executive directors Daniel Ryan and James Harris, also exited the company with Mr Alexander.