- Celamin Holdings (CNL) enters a trading halt as it plans an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Company shares will be paused until Friday, December 3, or when further information is released to the market
- Celamin is involved in exploration and development of phosphate and zinc resource projects in North Africa
- On the market, Celamin last traded at nine cents per share
Celamin Holdings (CNL) has entered into a trading halt as it plans an upcoming capital raise.
Currently, it is unknown how much money the company is aiming to raise or where the funds will be spent.
Under the halt, Celamin shares will be paused until Friday, December 3, or when further information is released to the market.
Celamin is involved in the exploration and development of phosphate and zinc resource projects in North Africa.
Recently, the company announced drilling results for the Chaketma Phosphate Project.
Exploration drilling, which included infill and extensional drilling, commenced in 2015 and finished in 2021.
This drilling was considered significant due to its potential to add to the previously announced resources.
Drilling results from the program includes 37.6 metres at 21.9 per cent phosphorus pentoxide from 56 metres and 33.6 metres at 22.2 per cent phosphorus pentoxide from 65 metres.
Commenting on these results is Managing Director Simon Eley.
“These new drilling results and recommencement of technical work are big steps forward at Chaketma, reinforcing what an exciting project this is with potential for a world-class fertiliser operation,” Mr Eley said in November.
On the market, Celamin last traded at nine cents per share.