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Celamin Holdings Limited (ASX:CNL), a mining exploration company in North Africa, announced that it had entered into a Memorandum of Understanding (MoU) with Al Kassm Holding, a Tunisian company. The MoU requires that both the parties will be working towards mineral resource projects in Tunisia as well as other parts of Africa. With the acquisitions in the near future, Celamin and Al Kassm will form incorporated joint ventures, where the project's interest of both parties will be discussed and agreed on a case to case basis.
Mr Ahmed Bouchamaoui, who is considered as the highly regarded businessman is the owner of the Al Kassm. During the last 30 years, he had supervised successful business in Tunisia and abroad. These businesses included oil and gas exploration and production, real estate, agriculture, education (American University), construction, health, telecommunication, IT as well as mining.
Mr Ahmed Bouchamaoui is a person who promotes foreign investments in Tunisia and also welcomes the technical and financial capacity of Celamin. He stated that he is pleased working with Celamin Holdings as they showed interest in the resources sector in Tunisia. He also highlighted that there are various regions across Tunisia which remained unused and based on this MoU, both the parties would be able to realize the potential of the area.
Under the MoU, both the parties will be working together in Tunisia, and their primary focus will be on the various phosphate projects.
Previous updates:
On 31 January 2019, the company shared its quarterly activities during the period ended 31 December 2018. The company highlighted that during the period, the Tunisian courtâs rule was in favour of CNL and the application of its partner, Tunisian Mining Services, got rejected to have seizure order on CPSA (Chaketma Phosphate SARL) shares lifted. There were also changes made in the board during the period with various resignations followed by appointment to the board, to increase the strength and diversity in the board with an expectation of continuous success in Tunisia as the company progresses towards the Chaketma Phosphate project. The company made an appointment of leading phosphate expert Mr Campbell after the technical review of Chaketma.
On 31 October, the company announced that it was granted two exploration permits in Tunisia- Djebba and Zeflana. On 9 November 2018, the company raised $622,500 through the share purchase plan from its existing shareholders, which represent 92% of the maximum amount to be raised through the SPP. Through the Top-up placement, the company raised another $336,502 from sophisticated investors.
After a brief idea about the quarterly activities, we should also know the cash flows during the period. In the December quarter, the company used A$0.356 million in its operating activities. The cash outflow was in the form of staff cost and the administration and the corporate cost.
The company generated revenue by issuing shares. As a result, the net cash inflow via financing activities was A$0.911. By the end of the quarter, CNL had net cash and cash equivalent of A$0.923 million.
On 3 January 2019, the company announced the appointment of the board of directors and also provided an update on the legal proceedings.
In the previous six months, the shares of CNL has generated an outstanding return of 154.17%. By the end of the trading period on 7 March 2019, the closing price of the stock was A$0.063, up by 3.279% as compared to its previous trading dayâs closing price. The company has a market capitalization of A$8.69 million and approximately 142.5 million outstanding shares.
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