LONDON - Celsius Resources Limited (LSE AIM/ASX: CLA), a mining exploration and development company, has announced its intention to raise approximately £350,000 through a placing of new Ordinary Shares. The placing price of 0.4 pence per share represents a 15.8% discount to the closing price on December 9, 2024.
The company plans to issue roughly 87.5 million new Ordinary Shares and an equivalent number of Placing Warrants, expiring on December 31, 2026, with an exercise price of 0.5 pence each. The bookbuild process, managed by Zeus Capital Limited, commenced immediately following the announcement.
The net proceeds from the placing will be directed towards general working capital purposes. This strategic financial move comes after Celsius Resources' Philippine affiliate, Makilala Mining Company Inc. ('MMCI'), received an extension until March 13, 2025, to submit further financial capability proof for its Maalinao-Caigutan-Biyog Copper-Gold Project ('MCB').
Admission of the Placing Shares to trading on AIM is expected to occur on or around December 16, 2024. This announcement follows the company's compliance with the Market Abuse Regulation and the European Union (Withdrawal) Act 2018.
Celsius Resources has emphasized that the placing is not underwritten and is not contingent upon a minimum amount being raised. Further details regarding the closing of the bookbuild and the issuance of the Placing Shares will be announced in due course.
This financial activity is based on a press release statement and aims to support Celsius Resources' ongoing projects and general corporate functions.
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