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Celsius Resources ( (AU:CLA) ) has issued an update.
Celsius Resources has provided an update on its alternative conflict processes involving Makilala Mining Company, Inc., after the expiry of payment deadlines tied to Sodor Inc.’s planned acquisition of a 60% stake in MMCI and a related major subscription in PDEP Inc. The company explored replacement counterparties and clarified that an initially considered option, Socialej Inc., in which its interim chair and a former director held interests, was ultimately rejected by both boards due to governance and related-party concerns.
Despite that decision, executive director Neil Grimes issued an unauthorized notice instructing Sodor to transfer its MMCI shares to Socialej, leading Celsius to state it does not seek such a transfer and instead aims to move the shares to an independent Philippine party. The board has launched an investigation, sought independent legal advice, terminated Grimes’ executive consulting agreement with immediate effect, and apologized to Sodor and Socialej, signaling a bid to tighten governance and reassure stakeholders while conflict resolution efforts continue.
More about Celsius Resources
Celsius Resources Limited is an ASX- and AIM-listed resources company focused on mining and mineral development, primarily in the Philippines. Through subsidiaries such as Makilala Mining Company, Inc. and related processing ventures, the company is engaged in advancing the MCB copper-gold project and associated mineral processing operations, targeting both domestic and international markets.
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