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Celsius Resources attracts $9 million to progress cobalt project in Namibia

Cobalt is an in-demand mineral with the price currently trading around US$90,000 per tonne.

map of Namibia
Celsius has a resource of 112.4 million tonnes at 0.11% cobalt

Celsius Resources Ltd’s (ASX:CLA) shares closed 7.5% higher at 22 cents after completing a bookbuild to raise $9 million via the issue of shares at 18.5 cents each to institutional and professional investors.

The funds raised from the North American, Hong Kong, European and Australian investors will be applied primarily to fund the progression of the Opuwo Cobalt Project in Namibia.

Celsius is aiming to complete the project scoping study (already well advanced, due June 2018), a pre-feasibility study and resource drilling programs.

The company will also carry out exploration of additional targets identified across the broader project area, including newly acquired licences.

READ: Celsius Resources shares rise on maiden cobalt resource in Namibia

The company recently revealed a maiden cobalt resource at the Opuwo Cobalt Project.

The resource comprises 112.4 million tonnes at a grade of 0.11% cobalt, 0.41% copper, and 0.43% zinc, at a cut-off grade of 0.06% cobalt.

Celsius managing director Brendan Borg said: “This capital raising allows the company to be fully funded for the continued rapid evaluation of the Opuwo Cobalt Project beyond the pre-feasibility stage.

“With our recently announced maiden JORC compliant mineral resource confirming the project as having what we consider to be world significance in terms of size and strategic value, we look forward to continuing to progress the studies on the project as quickly as possible.”

Quick facts: Celsius Resources Ltd

Price: 0.019 AUD

ASX:CLA
Market: ASX
Market Cap: $14.82 m
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