Wednesday, 21 November 2012

Celeste Copper closes $500,000 private placement financing

Celeste Copper Corp. (CVE:C) Wednesday announced it has closed its non-brokered private placement announced last month, raising $500,000 in new funds.
The company noted that Liberty Metals & Mining Holdings, a wholly-owned subsidiary of Boston-based Liberty Mutual Insurance, acquired  2 million units at a price of five cents per unit, for gross proceeds of $100,000. 
Celeste said that Liberty now owns 47.55 million common shares and 23.78 million warrants, representing 36.48 per cent of the company on a non-diluted basis, or 41.91 per cent on a fully diluted basis. 
Management and insiders of Celeste also acquired a total of 62 per cent of the offering.
“I am pleased to confirm the closing of this non-brokered placement, the proceeds from which are for general corporate purposes,” said CEO Alan Shoesmith.
In other news Wednesday, Celeste announced the resignation of Donald Tucker as a director of the company.
The Canadian corporation is currently focused on the acquisition of a majority interest in Cornish Minerals Ltd. which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty tin mine.  
In September, the company unveiled an updated resource estimates for the Dolcoath section of the South Crofty project. 
The resource estimate, which used a 0.2 per cent cut-off grade, revealed an inferred resource of 2.47 million tonnes grading 0.46 per cent tin, 0.54 per cent copper and 0.23% per cent zinc. 
In addition, the estimate also showed an exploration target of between 6.7 and 13.5 million tonnes with grades ranging from 1.4 to 1.8 per cent tin, east of the Great Crosscourse at the South Crofty mine. 
Further, the report defined an exploration target of around 1.25 and 2.5 million tonnes with grades ranging between 1.25 and 1.6 per cent  tin in the Dolcoath deep and Roskear areas of South Crofty.

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