The funds raised will be applied primarily to fund the progression of its 95% owned Opuwo cobalt project located Namibia.
This includes completion of the resource drilling and metallurgical testworks currently in progress, scoping study, exploration on newly acquired licences and a pre-feasibility study.
Celsius has a 15,000-metre cobalt resource drilling program underway at the Opuwo project, with five rigs spinning and the program expected to wrap up in mid-December.
Project vendor and substantial shareholder, Gecko Namibia, elected to participate in the capital raising, increasing their percentage ownership in Celsius as a result.
Celsius is expected to deliver its maiden JORC resource in early 2018.
The company is aiming to leverage off the boom in battery metals and is currently focused on cobalt projects.
Celsius’ share price has increased by circa 74% in the past three months and closed at $0.59 on Thursday.