Celamin Holdings' (ASX: CNL) substantial shareholder Lion Selection Group has bumped up its interest in the company to 15.85%
African Lion 3, an associated entity of Lion Selection Group, acquired 100,000 shares on market for a consideration of A$44,550 on 1 August 2011 and a further 1.7 million shares in a share placement for a consideration of $250,000 on 4 January 2012.
Lion Selection Group, which previously held 14.55% of the voting power, now holds 8.5 million shares in Celamin.
Lion Selection Group is a mining investment group that primarily invests in companies with projects in Africa and Asia.
Celamin is advancing its Bir El Afou Phosphate Project in Tunisia and working towards a due diligence drilling program for its farm in to an Exploitation Permit at the Oued El Kabir precious and base metal project in Algeria.
The company is taking a number of positive steps towards building its portfolio of assets into a business in North Africa including appointing Andrew Thomson as non-executive chairman and completing a $700,000 non-brokered private placement to continue with its phosphate work program in Tunisia.
Celamin revealed earlier today that executive director David Regan had also increased his share in the company, showing a vote of confidence.
Regan became a substantial shareholder in Celamin after increasing his shareholding by 2 million shares on 4 January, taking his stake to 6.23%.
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