Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (8169C)
19 Junio 2019 - 11:30AM
UK Regulatory
TIDMPOL
RNS Number : 8169C
Polo Resources Limited
19 June 2019
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.
19 June 2019
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS LTD - INVESTMENT UPDATE
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, announces that it has subscribed for a
further 1,500,000 new shares in the Tunisian phosphate and mineral
and development company Celamin Holdings Ltd ("Celamin") (ASX: CNL)
for total consideration of A$75,000, by exercising the option
granted to the company by Celamin on 12 June 2018.
Celamin today announced that it has received A$180,125 in
additional funds following the exercise of over 95% of its A$0.05
unlisted options.
Proceeds from the exercise of the options will contribute to the
preparation for the recovery of the Chaketma Project, further
engagement with a major international finance firm and discussions
with the Tunisian Government on alternative development pathways
for Chaketma.
Following the issue of the new shares Celamin will have
146,100,894 issued ordinary shares ("Celamin Shares"), of which
Polo has 27,714,915 Celamin shares representing 18.97% per cent of
Celamin's issued shares on a fully diluted basis.
Damages accrued
As announced on 9 April 2019, Celamin's former partner, Tunisian
Mining Services ("TMS") owed the company over A$6M in damages and
interest costs (US$4.0M damages plus US$0.3M in interest). Since
this date, a further US$42k (A$62k) of interest has been added to
this total.
The total amount TMS currently owes Celamin is A$6.3M.
Celamin is also pursuing civil and criminal claims in Tunisia
against individuals and organisations in relation to the illegal
transfer of Celamin's 51% interest in the Chaketma Project in
February 2015.
The company will continue to keep the market informed as these
claims progress.
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
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.
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END
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