Polo Resources Limited Celamin Holdings NL - Investment Update (5211H)
16 November 2018 - 1:32AM
UK Regulatory
TIDMPOL
RNS Number : 5211H
Polo Resources Limited
15 November 2018
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
15 November 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS NL - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its 20.47% investee company
Celamin Holdings Limited ("Celamin") (ASX: CNL), has announced that
the Top Up Placement ("Top-Up Placement") as contemplated by
Celamin's Prospectus lodged with ASIC and ASX on 15 October 2018
("Prospectus") closed fully subscribed at 5:00pm (AEDT) on Tuesday,
13 November 2018 (Top-Up Closing Date). The Placement successfully
raised AUD336,502 (USD242,975) (before costs) through the issue of
13,460,090 new fully-paid ordinary shares in Celamin at the same
price per share as the Share Purchase Plan ("SPP Offer") that
closed on 7 November 2018 (refer to CNL ASX Release dated 9
November 2018).
As explained in our announcement of 10 October 2018, Celamin's
SPP was aimed at allowing all existing shareholders to increase
their holdings and had restricted the investment to between AUD500
and AUD15,000 worth of fully paid ordinary shares. Polo did
subscribe for its full entitlement of AUD15,000 and has also
subscribed for a pro-rata amount of the Top-Up Placement based on
our 25.03% shareholding prior to the SPP. With the issuing of new
shares under these offers existing significant shareholders have
incurred dilution and Polo's current shareholding is 20.47%.
The new Shares will be issued in one tranche utilising the
company's placement capacity pursuant to ASX Listing Rule 7.1.
Celamin's Chairman Martin Broome intends to subscribe for
AUD24,863 (USD17,953) worth of shares in the Placement. This
participation is subject to shareholder approval which will be
sought at Celamin's Annual General Meeting to be held Monday 26
November 2018.
Proceeds from the Top-Up Placement will be used to fund
continuing legal proceed related to the recovery of the Celamin's
interest in the Chaketma Phosphate Project, to undertake initial
exploration activities on the new Djebba and Zeflana exploration
permits and working capital.
It is expected that Shares issued pursuant to the Top-Up
Placement will be issued and allotted to applicants on Friday, 16
November 2018. Holding statements are expected to be dispatched on
the same date and trading of shares issued under the Top-Up
Placement is expected to commence on Monday, 19 November 2018.
Paterson Securities Ltd acted as Lead Manager to the Top-Up
Placement.
Pursuant to the Prospectus, Celamin will now proceed with the
Bonus Options Offer where all Eligible Bonus Option Shareholders
will receive one (1) Bonus Option for every two (2) Shares held by
such shareholders at 5.00pm (AEDT) on 16 November 2018, for no
consideration. The Bonus Options are exercisable at $0.05 on or
before 18 May 2020. No action is required to be taken in order for
Eligible Bonus Option Shareholders to receive Bonus Options under
the Bonus Options Offer.
The full details of the announcement can be found at
http://www.celaminnl.com.au/.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & broker)
- John Depasquale +44 (0)20 3328 5657
Blytheweigh (Public relations)
- Julia Tilley, Fergus Cowan +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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