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Celamin Holdings moves a step closer to acquiring North African phosphate and base metals assets

Celamin Holdings (ASX: CNL) has signed the final agreement which clears the way for the completion of the acquisition of Celamin Limited, which holds the North African phosphate and base metals assets.

The acquisition means that Celamin Limited will become a 100% subsidiary of Celamin Holdings.

With the announcement being made to the market, Celamin Holdings will re-commence trade on the ASX on Thursday 24 November - at the open.

The next step for Celamin Holdings is that the company will seek a number of approvals from shareholders, which includes:

- the approval for the issue of 72.5 million shares to shareholders of Celamin Limited and the proposed capital raising of up to $10,000,000 (pricing to be confirmed).

The Celamin Holdings board will commission an Independent Expert Report to assess whether the terms of the acquisition agreement are fair and reasonable, which will be included in the Notice of Meeting.

- if approved, trading in the company’s securities will be suspended until the Requirements of Chapter 1 and 2 of the ASX Listing Rules have been satisfied, while also complying with escrow provisions of vendor shares as determined by the ASX.

Moving forward

Additional information in relation to the project acquisition will be provided over the next few weeks, and in the interim, Celamin Limited will continue with the assessment of the two flagship phosphate projects Chaketma and Bir El Afou.

A Bankable Feasibility Study is forecast to begin on the project that indicates the greatest overall potential in the second half of calendar year 2012.