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Celeste Copper Holds Final Close Of $2.52 Mln Private Placement

Celeste Copper Corp. (CVE:C) has held a second and final closing of a $2.52 million non-brokered private placement, the company said late Thursday.

The tin and copper miner sold a total of 28 million units priced at nine cents each, consisting of one share as well as one-half warrant.

Each whole warrant gives holders a right to buy one share priced at 12.5 cents for a period of about 30 months after closing.

The first close of the private placement offering was held in mid-June, when Liberty Metals & Mining, a subsidiary of Boston-based Liberty Mutual Group, agreed to subscribe for 23.33 million units, for proceeds of $2.1 million.

Following the initial close of the financing, Celeste said it got approval to extend the placement for another two weeks, raising an additional $35,040 through the issue of 389,335 units.

Through the second close, Liberty Metal bolstered its interest to about 36.6 per cent of Celeste's issued shares and 67.5 per cent of outstanding warrants.

All issued securities are subject to a four-month hold period.

Celeste has an earn-in agreement to acquire a 60 per cent stake in Cornish Minerals Limited, which controls mining rights in the historic Cornish mining region in Cornwall.

Celeste said the new funds were used to up its stake in Cornish Minerals from 19 per cent to 25 per cent, the maximum allotted under the agreement at the time.

The company is now in a position to serve notice of its intent to boost its stake to either 50 or 60 per cent in Cornish Minerals, if the miner completes its funding commitments by September 30, 2013.

Proceeds not used to boost its interest in Cornish Minerals shall go toward working capital.

Celeste is currently developing the South Crofty tin mine in Cornwall, England, a mine that has the potential to become the largest tin producer in the Western Hemisphere.

It 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.