(Alliance News) - Celsius Resources Ltd on Friday said that it intends to cancel an agreement with Lind Global Fund II LP, a fund managed by The Lind Partners, after repaying an advance payment credit.
Celsius Resources is a copper-gold exploration and development company focused on its portfolio of copper-gold resources in the Philippines.
On May 5, Celsius issued Lind a notice of its intention to repay 100% of the advance payment credit outstanding in cash and has subsequently agreed to repay AUD882,500, around GBP470,962.45, which will satisfy its obligations under the agreement in full.
Upon repayment, the deal will be terminated, no further funds will be advanced, no additional shares will be issued and Celsius will no longer have to issue 38.2 million options.
Celsius first announced the deal in December, telling investors it had secured an investment of up to AUD2.8 million through a private placement to US-based fund manager Lind Partners.
The Lind Global Fund agreed to make an initial purchase of AUD1.3 million worth of CLA shares and unlisted options. These options were exercisable at 2.5 cents and were due to expire three years from their date of issue.
Celsius Resources shares were trading 2.6% higher at 1.00 pence each in London on Friday afternoon.
By Holly Beveridge, Alliance News reporter
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Celsius Res (CLA)