The financing will allow Celsius to fully fund its Sary Mogol project, and continue exploration and development of its Uzgen Basin coking coal project.

The company plans to mine 5000 tonnes of coal at Sary Mogol by the end of the year and deliver an initial JORC-compliant resource estimate for Uzgen in the first quarter.

As part of the financing arrangement, Singapore-based company Blumont will be issued 227 million Celsius shares. An additional $5.2 million will be available to Celsius from June in the form of convertible notes.

Celsius said the deal with Blumont marks the beginning of a strategic alliance between the two companies.

Celsius managing director Grant Thomas hopes the new alliance and the prospectivity of the company’s future projects will attract investors.

“I’m happy that our 2013 program is fully funded with this strategic alliance … the opportunity to co-operate with Blumont to review other potential projects in Central Asia is also exciting.”