Celsius Resources

Equinaire Holdings purchased at a public auction a 40% interest in Makilala Mining Company Inc. that had been pledged as security for $5,010,000. Celsius Resources disputes that a default under the loan agreement occurred and contests Equinaire’s authority to foreclose. A tax clearance certificate is required before the transfer can be registered, which typically takes six to eight weeks. Celsius said it will contest the transfer in court and in arbitration and is considering seeking an injunction and damages. » Mere på de.investing.com

A Philippine court rejected the application by Celsius subsidiary Makilala Holding to stop the planned public auction of the 40% stake in Makilala Mining Company Inc. The court found insufficient proof of irreparable harm and referred disputed questions about default events and enforcement authority to arbitration. Equinaire has scheduled the auction for Sept. 8; Celsius denies a default and announced plans for judicial review and appeals as well as initiating arbitration. If the auction goes ahead, a tax authority clearance certificate is required before any transfer of shares, a process that typically takes six to eight weeks. » Mere på de.investing.com

Celsius Resources is involved in court proceedings over its subsidiary Makilala Holding’s stake in Makilala Mining Company Inc. Equinaire alleges alleged defaults and seeks to force the sale of MHL’s 40% stake at an auction on 8 September 2026, which Celsius denies. A court initially issued an injunction but lifted it after Equinaire posted security of 201 million PHP (4.6 million USD). At the same time, Sodor is seeking acceptance of a deposit of 300 million PHP (6.8 million USD) for a 60% stake; several applications are currently being reviewed in court and via arbitration. » Mere på de.investing.com