(Alliance News) - Celsius Resources Ltd on Thursday said it has GBP922,000, to help fund project work.

Celsius Resources is a resource development company with projects in Africa and the Philippines.

It said it has raised GBP922,000 in total.

The company explained that it has signed a binding subscription agreement with Silvercorp Metals Inc, raising a further GBP117,317.

Silvercorp has agreed to subscribe to 19.6 million shares priced at 0.60p each.

Shares in Celsius were trading at 0.60 pence each in London on Thursday around midday.

Celsius said the proceeds will go toward early development works at the company's MCB project, permitting costs at the Sagay copper-gold project, exploration expenditure at the Botilao copper-gold-prospect, as well as for working capital purposes.

By Sophie Rose, Alliance News senior reporter

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