Melbourne, Jan 4, 2012 (ABN Newswire) - Celamin Holdings NL (
ASX:CNL) is pleased to announce a non-brokered private placement in the Company. The Company will issue 4,666,669 fully paid ordinary shares in CNL at an issue price of A$0.15 per share, raising A$700,000.35.
The proceeds from the placement have been received.
The funds will be used by CNL as working capital and by Celamin Limited (pursuant to the terms of its acquisition agreement) to continue with its phosphate work program in Tunisia during the period leading up to the completion of its acquisition by CNL in accordance with the announced schedule.
Managing Director, David Regan said "we are pleased that the acquisition of Celamin Limited by CNL is on schedule (see announcement 23 December 2011) and that Celamin Limited is able to continue to explore at its Cheketma and Bir El Afou projects to confirm the presence of more high quality phosphate during the period leading up to its acquisition by CNL and subsequent capital raising by CNL for ongoing programs."
ASX:CNL) is pleased to announce a non-brokered private placement in the Company. The Company will issue 4,666,669 fully paid ordinary shares in CNL at an issue price of A$0.15 per share, raising A$700,000.35.The proceeds from the placement have been received.
The funds will be used by CNL as working capital and by Celamin Limited (pursuant to the terms of its acquisition agreement) to continue with its phosphate work program in Tunisia during the period leading up to the completion of its acquisition by CNL in accordance with the announced schedule.
Managing Director, David Regan said "we are pleased that the acquisition of Celamin Limited by CNL is on schedule (see announcement 23 December 2011) and that Celamin Limited is able to continue to explore at its Cheketma and Bir El Afou projects to confirm the presence of more high quality phosphate during the period leading up to its acquisition by CNL and subsequent capital raising by CNL for ongoing programs."
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About Celamin Holdings NL
Celamin Holdings NL (ASX:CNL) is an ASX listed company focused on the exploration and development of resource projects in North Africa initially in Tunisia and Algeria.
Through Celamin Ltd (Celamin), the Company's immediate focus is the Bir El Afou Phosphate project held in partnership with local company Tunisian Mining Services SA (TMS). A pre feasibility study targeted on a high grade, low cost Stage 1 mine development is expected to be completed by end September 2011. The Company has currently targeted first mine production by the end of 2013.
Celamin also holds another Phosphate exploration permit in Tunisia with TMS (Chaketma). This project has larger target potential than Bir El Afou. The Company1s development plan is for a sequential staged development depending on market conditions once Bir El Afou Stage 1 is in production.
Celamin has also acquired rights to several base metal tailings Projects in Tunisia with TMS and is farming in to an Exploration Permit with base metal (Pb/Zn) targets.
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