Celamin Holdings N.L (ASX:CNL) announced a private placement of 1,050,000,000 shares at a price of AUD 0.001 per share for gross proceeds of AUD 1,050,000 on May 30, 2017. The transaction will involve participation from existing investors African Lion III, a fund managed by Lion Manager Pty Ltd, Polo Resources Limited (AIM:POL), each subscribing for 350,000,000 shares for proceeds of AUD 350,000, and other investors. The company will also issue one free attaching option for every two shares. The options are convertible into common shares of the company at an exercise price of AUD 0.002 per share for a period of three years. The transaction will comprise of two tranches. The transaction will involve participation from clients of Patersons Securities Limited.

On the same day, the company issued 148,975,050 shares for proceeds of AUD 148,975.05 to sophisticated investors. The second tranche is subject to approval of shareholder of the company in general meeting scheduled to be held on July 3, 2017.