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Celsius Resources (ASX:CLA) set to raise $6M for Philippines exploration
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  • Minerals explorer Celsius Resources (CLA) has received firm commitments for a $6 million placement
  • More than 167 million fully paid ordinary shares will be issued to institutional and sophisticated investors at 3.6 cents
  • This price represents a 10-per-cent discount to Celsius' last closing price of 4 cents on April 26
  • Celsius will use the funds to complete the scoping study for the MCB Project and renew the permit for the Sagay Project, both of which lie in the Philippines
  • Shares are expected to settle on May 4 and begin trading on the ASX on May 10
  • Celsius is up five per cent on the market and shares are trading at 4.2 cents

Minerals explorer Celsius Resources (CLA) has received firm commitments for a $6 million placement.

The company entered a trading halt on April 27 but did not disclose how much it intended to raise or what it would use the funds for.

All up, 167,010,000 fully-paid ordinary shares will be issued to institutional and sophisticated investors at 3.6 cents.

This price represents a 10-per-cent discount to Celsius' last closing price of 4 cents on April 26 and and a 12.6-per-cent discount to the 20-day volume-weighted average price of 4.12 cents.

Celsius will use the funds to complete the scoping study for the MCB Project, complete and expand the drill program at MCB and renew the permit for the Sagay Project.

Shares are expected to settle on May 4 and begin trading on the ASX on May 10.

"The placement allows us to continue developing the MCB Project through local subsidiary Makilala Mining Corp, including completing the current 4000 metre drill program and scoping study, both of which are well underway," Chairman and Non-Executive Director Martin Buckingham said.

"The recent decree issued by Philippine President Rodrigo Duterte is a very encouraging development and paves the way for new mining leases to be granted and clarification of other aspects of mining regulations," he added.

Celsius is up five per cent on the market and shares are trading at 4.2 cents at 2:03 pm AEST.

CLA by the numbers
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