Business
Elemental Minerals completes $10 million drawdown
PERTH, Australia , Jan. 22, 2014 /CNW/ - Elemental Minerals Ltd (ASX, TSX: ELM) ("Elemen...
About this update from Element Lifestyle Retirement Inc.
[{"type":"text","content":"\n\n\nPERTH, Australia, Jan. 22, 2014 /CNW/ - Elemental Minerals Ltd (ASX,\n TSX: ELM) (\"Elemental\" or \"the Company\") refers to its announcement of\n 24 December 2013 regarding a proposed drawdown of funds under the\n Convertible Note Facility being provided by Dingyi Group Investment\n Limited (\"Dingyi\"), a company incorporated in Bermuda and listed on The Stock Exchange\n of Hong Kong Limited (\"SEHK\") and who has made an off-market takeover offer for all of the\n fully-paid ordinary shares of Elemental (\"Dingyi Offer\").\n\n\nThe Company is pleased to announce that it has today completed the\n drawdown of $10 million of the $15 million available under the\n Convertible Note Facility. The funds will be used by the Company to\n continue to progress further work on its Sintoukola Project while the\n Dingyi Offer continues in accordance with agreed procedures for\n expenditure.\n\n\nThe key commercial terms of the Convertible Note Facility are summarised\n in the Company's original transaction announcement of 1 July 2013. An\n Appendix 3B is attached with respect to the convertible notes issued to\n Dingyi in connection with the drawdown.\n\n\nIn its announcement on 24 December 2013, the Company also noted Dingyi\n had requested a review by the SEHK Listing Committee of the decision to\n classify the Dingyi Offer as a reverse takeover under Rule 14.06(6) of\n the SEHK Listing Rules.\n\n\nDingyi has informed the Company that it is in the process of finalising\n its formal review submissions and expects them to be lodged with the\n SEHK Listing Committee in early February. The Company is assisting\n Dingyi with the review process where possible and will keep the market\n informed of any material developments.\n\n\nAbout Elemental Minerals\n\n\nElemental Minerals Limited is an advanced mining exploration and\n development company that aims to grow shareholder value through its\n 93%-owned Sintoukola Potash Project on the Republic of Congo coastline.\n Elemental Minerals is dual listed on the Australian Stock Exchange and\n the Toronto Stock Exchange under the symbol ELM. For more information,\n visit www.elementalminerals.com\n\n\nAbout Dingyi Group Investment\n\n\nDingyi Group Investment Limited is a company incorporated in Bermuda and\n listed on the Hong Kong Stock Exchange. Dingyi is an investment company\n with interest...