TIDMPOL
RNS Number : 3287D
Polo Resources Limited
08 October 2018
The following amendment has been made to the 'CELAMIN HOLDINGS -
INVESTMENT UPDATE' announcement released on 8 October 2018 at
3.08pm under RNS No 3251D. The announcement was dated 10 October
2018 and has since been corrected below.
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.
8 October 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS - INVESTMENT UPDATE
Celamin Share Purchace Plan
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 25.03% investee company
Celamin Holdings Limited (ASX:CNL) ("Celamin") has announced
details of its 2018 Share Purchase Plan ("SPP").
Summary:
-- Share Purchase Plan Offer announced to raise up to $673,005
-- Bonus Options Offer to be made to shareholders on a 1 for 2 basis
-- Placement Offer to sophisticated, institutional or
professional investors to raise up to $250,000
-- Chairman and CEO each intend to take up their maximum entitlement under the SPP
On 15 June 2018, Celamin's shares were reinstated to trading on
ASX following more than three years of suspension after the
fraudulent transfer of Celamin's interest in the Chaketma Project.
During the period of suspension, Celamin conducted a number of
placements to sophisticated investors and others in order to have
sufficient working capital to pursue legal proceedings for the
recovery of Celamin's interest in the Chaketma Project. The last
capital raising conducted by Celamin prior to reinstatement of its
shares to trading, in February 2018, was a placement of shares to
sophisticated investors and others at $0.00025 (0.025 cents)
("February Placement"). Celamin subsequently consolidated its
issued share capital by a ratio of 1 for 100 and announced its
intention to conduct an offer of shares to Eligible Shareholders by
way of a Share Purchase Plan to enable Eligible Shareholders to
apply for new Shares at a price not more than the price of shares
issued in the February Placement on a post consolidation basis,
being $0.025 (2.5 cents).
Celamin has also advised that it intends to offer Eligible SPP
Shareholders an opportunity to participate in company's Share
Purchase Plan ("SPP Offer") to acquire between $500 and $15,000
worth of fully paid ordinary shares in Celamin ("New Shares") at
the same price of $0.025 per New Share ("SPP Offer Price") as that
paid by investors under the February Placement, without any
brokerage or transaction costs. This SPP will offer all Eligible
SPP Shareholders the opportunity to increase their shareholdings to
at least a marketable parcel at a price equivalent to that offered
to participants in the February Placement.
The SPP Offer Price represents:
-- a 14% discount to the closing price of Celamin's Shares on
the ASX on 4 October 2018, being the last day on which CNL shares
traded prior to this announcement; and
-- a 15% discount to the VWAP of Celamin's Shares over the last
5 days on which sales in the company's shares were recorded prior
to the date of this announcement.
The SPP Offer is capped at 26,920,181 New Shares, to raise a
maximum of $673,005 ("SPP Offer Amount"), and Celamin's Directors
reserve the right to scale back Applications. Celamin intends to
seek underwriting support of up to $336,502, (being the maximum
placement capacity available to Celamin under ASX Listing Rule
7.1). Patersons Securities Limited has been appointed Lead Manager
to the SPP.
The SPP Offer is open to all Eligible SPP Shareholders recorded
as holding Shares on the company's register of members as at 7.00pm
(AEST) on Friday 5 October 2018 and who have a registered address
in Australia and to certain sophisticated or institutional or
limited numbers of Shareholders with a registered address in
jurisdictions where the company is satisfied that it would be
lawful to make such an offer.
All shares issued under the SPP will rank equally with existing
ordinary shares of the company.
Celamin's Chairman and Chief Executive Officer have each
indicated that they intend to take up their maximum $15,000
entitlement under the SPP (subject to scale-back if
oversubscribed).
The SPP will be offered to shareholders in a transaction
specific prospectus which will also include the following Bonus
Options Offer and Placement Offer.
Bonus Options Offer
In further recognition and appreciation for the support of its
Shareholders during the period of the company's suspension and to
enhance Shareholders' exposure to Celamin's future growth,
Celamin's Board has also elected to make a pro-rata offer of bonus
options to eligible shareholders ("Bonus Options Offer"), under
which Eligible Bonus Option Shareholders will receive one Bonus
Option for every two Shares held by them.
The Bonus Options are being issued for no consideration.
The Bonus Options granted under the Bonus Options Offer will be
exercisable at $0.05 on or before 5.00pm (AEDT) on that date which
is 18 months from the date of issue of the Bonus Options, currently
expected to be 18 May 2020.
The Bonus Options Offer will be open to all Eligible Bonus
Options Shareholders recorded as holding Shares on the company's
register of members as at 5.00pm (AEDT) on the SPP Closing Date,
which is currently expected to be 16 November 2018 and who have a
registered address in Australia and to certain sophisticated or
institutional or limited numbers of Shareholders with a registered
address in a jurisdictions where the company is satisfied that it
would be lawful to make such an offer. Participants in the SPP will
be eligible to receive options in the Bonus Option Offer.
Placement Offer
In addition to the SPP Offer and the Bonus Options Offer,
Celamin is also proposing to make a Placement Offer of up to
10,000,000 Shares ("Placement Shares") at the same issue price as
the SPP, being $0.025 per Share to raise up to $250,000. The
participant(s) in the Placement Offer will also receive one (1)
free attaching Option ("Placement Options") for every two (2)
Placement Shares applied for, on the same terms as the Bonus
Options.
Celamin is pursuing its strategy to build a portfolio of
resource assets to add shareholder value and in conjunction with
this strategy Celamin is seeking to engage with a new local partner
or partners in Tunisia and to secure new investors in the company.
The Placement Offer will only be extended to specific
sophisticated, institutional or professional investors on
invitation from Celamin's Directors and will provide a local
partner or partners or new investors with a strategic stake in
Celamin. The Placement Offer will not be extended to any existing
Shareholders of the company or any Related Party of the
company.
The issue of Placement Shares and Placement Options offered
under the Placement Offer will be subject to Shareholder approval
as the number of Placement Shares and Placement Options exceeds the
company's capacity to offer securities in the company without
Shareholder approval in accordance with ASX Listing Rule 7.1.
Celamin intends to seek Shareholder approval for the issue of the
Placement Shares and Placement Options at the company's Annual
General Meeting which is expected to take place prior to the
Placement Offer Closing Date.
The additional capital raised under the SPP Offer and the
Placement Offer will be used to fund ongoing legal proceedings for
recovery of Celamin's interest in the Chaketma Project, exploration
programs on Celamin's new exploration permits in Tunisia
prospective for zinc and lead, working capital and costs associated
with the Offers.
The full details of this announcement can be found at
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, Simon Woods +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
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCLLFFSIELTIIT
(END) Dow Jones Newswires
October 08, 2018 10:29 ET (14:29 GMT)
Polo Resources (LSE:POL)
Historical Stock Chart
From Apr 2024 to May 2024
Polo Resources (LSE:POL)
Historical Stock Chart
From May 2023 to May 2024