The key elements of the arrangement are a share placement, convertible note facility and strategic alliance.
A placement of 227.27 million ordinary Celsius shares has gone to Blumont for an aggregate subscription of $5 million at an issue price of 2c per share.
Celsius Coal may draw down between $3 million and $5 million from Blumont and in return Blumont will be issued convertible notes.
The first $3 million was drawn down before December 31.
The convertible notes carry a 12.5% per annum interest rate.
The first drawdown was made on September 26, when the company raised and issued that number of convertible notes to Blumont with an aggregate face value of $2 million.
The second drawing of $500,000 was made on December 5.
Celsius and Blumont are cooperating to review other potential projects in Central Asia.
Blumont holds more than 10% of Celsius and is also nominating a director to the coal hunter’s board.
