Celtic Resources, which has been restructured in recent months following a £260,000 equity investment by its new chief executive Mr Kevin Foo and non-executive director Mr Michael Kaufman, is expected to raise more than $5 million (€4.9 million) in a share issue to bring its gold prospect in Siberia into production .

Mr Foo would not comment in detail yesterday but he indicated Celtic would aim to bring in some new investors while giving existing shareholders the opportunity to subscribe.