Redhaven, a British-based investment company, is likely to end up with a 28 per cent stake in Celtic Resources shortly. It has already paid £85,000 (€108,000) for 8.5 million partly-paid new ordinary Celtic shares and has signalled its intention to subscribe for 13 million new ordinary Celtic shares shortly. The subscription price is par and will raise £260,000 for the company. Redhaven acts for a "group of strategic mining investors" Celtic said.

Celtic reduced its loss before tax from £1,977,110 to £43,649 in the six months to June 30th, 1999, according to interim results, released yesterday.