Celsius Resources Limited Share News (CLA)

Celsius Resources Ltd - developer of the Maalinao-Caigutan-Biyog copper-gold project in the Philippines - Notes announcement by Maharlika Investment Corp, which has executed an agreement for the sale and assignment of its loan position under the Omnibus Loan & Security Agreement with Makilala Mining Co Inc, Celsius' Philippine affiliate, to Equinaire Holdings Ltd, a subsidiary of Kiri Industries Ltd. MIC transfers its rights, title and interests as lender under the OLSA, under which it previously extended a USD10 million bridge loan facility to Makilala to support the front-end engineering design and feasibility study for the Maalinao-Caigutan-Biyog copper-gold project. MIC adds that the facility was structured as a short-term catalytic investment and that it "has achieved its objective of de-risking the project and facilitating the entry of a new strategic investor" now that the FEED and feasibility workstreams are complete.

Celsius says it was not informed of MIC's intentions to progress the sale and assignment of the OLSA to Kiri, and has not yet received a formal notification from MIC. Says it is assessing its position and is taking advice from its legal and financial advisers.

Current stock price: 0.60 pence, down 7.7% on Monday in London

12-month change: up 82%

By Emma Curzon, Alliance News reporter

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