Celamin Holdings (ASX: CNL) has raised A$700,000 from a non-brokered private placement which the company will use as working capital and Celamin Limited, which holds the North African phosphate and base metals assets and is in the process of being acquired by Celamin Holdings, will use to continue with its phosphate work program in Tunisia.
Celamin Holdings has issued 4.7 million shares in the company at $0.15 per share.
The acquisition of Celamin Limited by Celamin Holdings is on schedule for completion in early May.
The acquisition means that Celamin Limited will become a 100% subsidiary of Celamin Holdings.
In the meantime, Celamin Limited will continue with the assessment of the two flagship phosphate projects, Chaketma and Bir El Afou.
By the second calendar half of 2012, Celamin Limited plans to begin a Bankable Feasibility Study on the project that indicates the greatest overall potential.
In early December, Celamin Holdings received results from a preliminary program of drilling in the Chaketma Exploration Permit that confirm highly promising phosphate mineralisation grades and thicknesses.
Results from the first six drill holes at Chaketma support Celamin's belief that the deposit has the potential to host 150-200 million tonnes of phosphate at grades of 17-22%.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23787/celamin-holdings-tops-up-bank-balance-with-non-brokered-private-placement-23787.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment