Celamin Holdings has raised over US$7.5 million in a rights issue where eligible shareholders were able to acquire a significant amount of extra shares in the company. The capital raised will be used to advance the Chaketma Phosphate Project in Tunisia.
Situated some 210 kilometers south of Tunis, the phosphate project is located at the base of a limestone unit near the top of a 600m high plateau. The project is 35 km from a rail head which takes the proceeds directly to the port of Goulette/Rades.
The funds will be used complete a preliminary Feasibility Study and complete the first stage of a bankable feasibility study. In addition the monies will allow for repayment of outstanding loans and general working capital.
Celamin Managing Director Nic Clift said:
“This is a remarkable outcome for Celamin in what remains a very turbulent time and challenging funding environment for resources companies. This is testament to the resilience of the long-term outlook for phosphate, and the quality and potential of the Chaketma Phosphate Project in particular. We can now continue to progress the bankable feasibility study for our Chaketma Phosphate Project, which will be a very significant milestone for the Company.”