Celsius raises A$3.9m to advance Namibian project

PERTH (miningweekly.com) – Junior Celsius Resources will raise A$3.9-million to advance its Opuwo cobalt project, in Namibia.

The ASX-listed company on Thursday said that it had completed a bookbuild for the issue of 71.6-million shares, priced at 5.5c each, to raise A$3.9-million.

The shares will be issued under the company’s placement capacity, and will not require shareholder approval.

“This capital raising allows the company to be fully funded for the rapid advancement of the exciting Opuwo cobalt project over the next 12 months,” said Celsius MD Brendan Borg.

“The strong support received for this raising from a large number of new institutional investors, as well as existing shareholders including Gecko Namibia, illustrates the high potential of the project and the expected continued growing demand for new energy metals such as cobalt.”

The funds raised will be applied towards the completion of resource drilling and metallurgical testwork programmes, a scoping study, exploration on newly acquired licenses and the start of a prefeasibility study.