Celsius Resources Ltd (ASX:CLA, AIM:CLA) has secured a source of funding for its Philippine assets with the inking of a binding financing agreement with Patras Capital Pte. Ltd, a Hong Kong investment firm with particular interest in supporting mining, energy and technology companies.
The finance deal covers both a share placement agreement for 120 million shares to raise $1.5 million, and a committed equity facility of $10 million through placement tranches of shares in the company over the next 24 months.
CLA retains full discretion to use the facility, set the share issue price, determine the amount of funds raised and when the placements will occur.
Advancing the MCB Copper-Gold Project
"As part of our ongoing commitment to delivering value for our shareholders, the funds raised will be strategically deployed to advance key milestones in CLA's Philippine assets/projects,” Celsius Resources executive Mark van Kerkwijk said.
“This will enhance our operational capabilities and strengthen our long-term sustainability.
“We remain focused on generating strong returns, fostering innovation, and managing our resources responsibly to ensure continued success."
CLA’s core focus in the Philippines at present is the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project, having recently completed all permitting stages and finalised the project funding.
Read: Celsius Resources passes key MCB Copper-Gold Project milestone with indigenous Certification Precondition
This new funding will enable Celsius to advance the other assets in its portfolio, including the Sagay and Botilao projects, while also offering immediate and mid-term capital options for the company’s general working needs.