PHOSCO LTD — Capital/Financing Update 2018

Nov 8, 2018

ASX Announcement 9 November 2018

==> picture [172 x 121] intentionally omitted <==

----- Start of picture text ----- Celamin Holdings Limited----- End of picture text -----

Celamin successfully closes its Share Purchase Plan

Celamin Holdings Ltd

HIGHLIGHTS:

ASX Code: CNL

ACN 139 255 771 ABN 82 139 255 771

Board and Management:

Martin Broome Chairman Simon Eley CEO Nic Clift Non-Exec Director Sue-Ann Higgins Non-Exec Director Tim Markwell Non-Exec Director

Company Secretary

Melanie Leydin

Securities on Issue

89,733,939 ordinary shares 8,656,616 unlisted options 135,027 unlisted options 3,787,500 unlisted options

Contact

Phone: +61 (0)3 9692 7222 Fax: +61 (0)3 9077 9233 info@celamin.com

Address

Level 4, 100 Albert Road South Melbourne VIC 3205

• $622,500 raised from existing shareholders via the share purchase plan (SPP)

• Represents 92% of the maximum amount able to be raised by the SPP

• Record date for bonus option issue 16 November 2018

Celamin Holdings Limited (ASX:CNL, Celamin or the Company ) is pleased to announce that the Share Purchase Plan Offer ( SPP Offer ) made under the Prospectus lodged with ASIC and ASX on 15 October 2018 ( Prospectus ) closed at 5:00pm (AEDT) on Wednesday, 7 November 2018 ( SPP Closing Date ).

Under the SPP Offer, Celamin offered eligible shareholders the opportunity to subscribe for up to $15,000 worth of new, fully paid, ordinary shares in Celamin, without incurring brokerage or other transaction costs. At the SPP Closing Date, valid applications totalling $622,500 had been received representing a 92% take-up in the SPP Offer.

The Company would like to thank its shareholders for their continued support.

The objectives of the SPP Offer were to provide existing shareholders with an opportunity to increase their shareholding in the Company on effectively the same terms as the placement conducted in January 2018 and increase the number of Celamin shareholders with marketable parcels of shares.

Proceeds from the SPP Offer will be used to fund continuing legal proceedings related to the recovery of the Company’s interest in Chaketma, undertaking initial exploration activities on the new Djebba and Zeflana exploration permits, and working capital.

It is expected that SPP Shares under the SPP Offer will be issued and allotted to applicants on Friday, 16 November 2018. Holding statements are expected to be dispatched on the same date and trading of shares issued under the SPP Offer is expected to commence on Monday, 19 November 2018.

Celamin Holdings Limited

Paterson Securities Ltd (“ Patersons ”) partly underwrote the SPP up to $336,502 and has received no shortfall. As outlined in the Prospectus, Patersons will now facilitate a Top-Up Placement to raise an additional $336,502. Participants in the Top-Up Placement will be eligible to participate in the Bonus Options Offer.

In the event that applications are received in the Top-Up Placement for more than $336,502, the Company may, in its absolute discretion, obtain shareholder approval (and any other approval required under the ASX Listing Rules) to issue additional Shares in excess of the $336,502.

The Company will now proceed with the Bonus Options Offer where eligible shareholders will receive one (1) Bonus Option for every two (2) Shares held by Eligible Bonus Option Shareholders registered at 5.00pm (AEDT) on the 16[th] November 2018, for no consideration. The Bonus Options are exercisable at $0.05 on or before 18 May 2020. No action is required to be taken in order for Eligible Bonus Option Shareholders to receive Bonus Options under the Bonus Options Offer.

The Company thanks shareholders for their support of the SPP Offer and looks forward to completing the Top Up Placement and proceeding with the Bonus Option Offers as outlined in the Prospectus.