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An update from Celsius Resources ( (AU:CLA) ) is now available.
Celsius Resources has provided an update on its conflict processes involving Makilala Mining Company, Inc. after the expiry of a key payment deadline linked to Sodor, Inc.’s planned 60% acquisition in MMCI and a related US$38 million subscription by PMR Holding Corp. in PDEP Inc. The company reiterated that it is seeking to transfer Sodor’s MMCI stake to an independent Philippine party, rather than to Socialej Inc., a potential replacement linked to former and current Celsius directors.
The board disclosed that Executive Director Neil Grimes, without authority, issued Sodor a notice on 16 February directing transfer of its MMCI shares to Socialej, despite both boards having declined to pursue that related-party transaction. Celsius has terminated Grimes’ executive consulting agreement, commenced an investigation with independent legal advice into the unauthorised notice and its consequences, and apologised to Sodor and Socialej for any confusion arising from his actions.
More about Celsius Resources
Celsius Resources Limited is an ASX- and AIM-listed resources company focused on mineral projects, including the MCB copper-gold project in the Philippines. Through subsidiaries and partners such as Makilala Mining Company, Inc. and the planned processor PDEP Inc., the company is pursuing upstream mining and downstream mineral processing opportunities in that market.
YTD Price Performance: -8.33%
Average Trading Volume: 9,959,249
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$33.5M
For an in-depth examination of CLA stock, go to TipRanks’ Overview page.