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Polo Resources Sub-Underwriting Celamin Issue, Increasing Stake

Tue, 04th Nov 2014 10:12

LONDON (Alliance News) - Polo Resources Ltd on Tuesday said it has entered into a deal to sub-underwrite a portion of the upcoming share issue from Celamin Holdings NL.

Celamin is proposing to raise up to AUD8.8 million by issuing approximately 880 million new shares at AUSD0.01 each.

Under the terms of the deal with Patersons Securities Ltd, Polo will sub-underwrite 112.6 million shares in Celamin for AUD1.1 million, and will priority sub-underwrite a further 187.4 million shares for AUD1.9 million.

The move will increase Polo's shareholding in Celamin, in which it acquired a 12.7% stake in March this year.

Celamin owns the Chaketma Phospate Project in Tunisia.

Polo Resources shares were down 5.3% to 8.052 pence on Tuesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance