ASX-listed Celsius Resources has its main exploration assets in the Philippines and Namibia, plus an asset in Australia that is likely to be sold. The cash raised in the placing will be predominantly spent on the MCB project in the Philippines.
The MCB project is favoured by the authorities, and they are keen to fast track its development. The cash will help to finance further development, but management needs to secure additional debt and/or an offtake agreement to generate the funding required to get the project to bankable feasibility.
Celsius Resources owns 100% of the project, whic...
