Celsius Resources Ltd (ASX:CLA, AIM:CLA) has boosted its war chest by £922,000 after completing a placement in AIM with the funds to advance its suite of copper-gold projects in the Philippines.
The company has placed 153,666,663 new ordinary shares to certain institutional and other investors at 0.6 pence per share along with 153,666,663 new warrants for every one placing share subscribed.
These are exercisable at 0.9 pence per warrant and expire on December 31, 2026.
The placing shares will be issued on or around April 18, 2024, and will be issued fully paid, ranking pari passu in all respects with the company’s existing ordinary shares.
Use of funds
Celsius undertook the placing to progress its corporate and operational strategy focused on the Philippines with the net proceeds to be applied towards:
- Early development works at the MCB Copper-Gold Project;
- Permitting costs at the Sagay Copper-Gold Project;
- Exploration costs at the Botilao Copper-Gold Prospect; and
- General working capital.
Securities issued under this placement will be issued without further shareholder approval under the company’s ASX Listing Rule 7.1 share issuance capacity as follows:
- 153,666,663 placing warrants using ASX LR7.1 capacity; and
- 153,666,663 placing shares using ASX LR7.1A capacity.
The company’s broker to the placement was WH Ireland Limited.