Celeste Copper Corp (CVE:C) announced Monday shareholder approval for an up to $2.1 million investment by Liberty Mining and Minerals in exchange for roughly 23.3 million Celeste units at a cost of 9 cents each.
The Canada-based tin and copper mining exploration and development
company reported that the shareholder approval for the previously
announced transaction was secured at its annual general meeting held on
June 6, 2012.
Each unit consists of one common share and one half of a common
purchase warrant, entitling the holder to purchase one common share at a
price of 13 cents for a period of 30 months after the transaction’s
Celeste also announced Monday the appointment of its CEO Alan
Shoesmith to the company’s board of directors, as well as the
resignation of Norman Brewster as director of the corporation.
Norman Brewster resigned as director in order to focus on his existing commitments.
"On behalf of Celeste I would like to thank Norman for his time with
Celeste and wish him well in his future endeavours. We are very happy to
welcome Alan Shoesmith onto the BOD of Celeste," said Celeste’s
chairman, Farhad Abasov.
At the end of May, the company announced Shoesmith’s appointment to the company as CEO.
Shoesmith brings 40 years of commercial experience, having previously been CEO of The Shaw Group, a group of companies overseeing operations in specialist engineering, manufacturing and property management.
Since 2001, he had been CEO of Baseresult Holdings, and subsequently
Western United Mines, the operating arm of Celeste's partially owned
subsidiary, Cornish Minerals Limited.
In this capacity, he had oversight of the South Crofty mine in the UK
and managed all activities in relation to the commercial, governmental
permit, planning and mineral rights aspects to the project.
Celeste is developing the South Crofty tin mine in Cornwall, England,
a mine that has the potential to become the largest tin producer in the
Tin demand has increased in recent years and is expected to appreciate through 2018.
In late May last year, the company entered into an earn-in agreement
to acquire up to a 100 percent interest in Cornish Minerals, which
controls mining rights in the historic Cornish mining region in
A current ongoing diamond drilling program is being carried out on the project by Cornish.
As part of the earn in agreement, Celeste will undertake an extensive
drilling program to further define mineral resources at Dolcoath, as
well as other exploration and development activities.
In 2011, 29 diamond core holes had been drilled from underground mine
workings to investigate the extensions to the Dolcoath South Zone,
which is a polymetallic sheeted vein set.
Celeste also has copper, gold and silver properties located in
Chile’s Cabeza de Vaca mineral district, where there is an exploration
program taking place to advance these projects.
Shares traded at 7 cents Monday afternoon.