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PERTH - Celsius Resources Limited (ASX, AIM:CLA), a mining and exploration company, announced that two of its directors and the substantial shareholder Silvercorp Metals Inc . (TSX: NYSE:SVM, NYSE: SVM) have committed to participate in a share placement, which is a part of a larger funding initiative to raise capital for the company’s corporate and operational strategy.
Executive Director Mark van Kerkwijk and Non-Executive Director Paul Dudley have each agreed to subscribe for AU$75,000 worth of new shares and options in Celsius, subject to shareholder approval at a general meeting anticipated to be held in April 2025. The director subscription agreements involve 9,375,000 new shares at AU$0.008 per share and 4,687,500 unlisted options exercisable at AU$0.01 each, expiring three years from the issue date.
Silvercorp, a significant shareholder in Celsius, has exercised its right to participate in the placement, as per the terms of an agreement dated 15 May 2023. The company has agreed to a binding subscription agreement for Silvercorp to raise an additional AU$280,000 before costs. This will involve the issuance of 35,000,000 new shares at the same AU$0.008 subscription price as the placement, along with 17,500,000 unlisted options.
The share and option subscriptions for Silvercorp are divided into two tranches. The first tranche includes 25,999,213 shares to raise approximately AU$207,993.70, which will be admitted to trading on AIM around March 26, 2025. The second tranche, contingent on shareholder approval, will consist of the remaining shares and options.
Following the admission of the new shares from both the director and Silvercorp subscriptions, as well as the placement shares issued on March 19, 2025, Celsius will have a total of 2,907,571,200 ordinary shares in issue, which will represent the total number of voting rights in the company. Shareholders will use this figure to determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
The proceeds from the Silvercorp subscription agreement are intended to support Celsius’s corporate and operational strategy and provide general working capital. The company has confirmed that the information contained in this announcement is based on a press release statement.
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