Business
Elemental Minerals Limited announces exercise of over-allotment option
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ ...
About this update from Element Lifestyle Retirement Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES./\n\n\nPERTH, Australia, Sept. 1, 2011 /CNW/ - Elemental Minerals Ltd. (ASX,\n TSX: ELM) (\"Elemental\" or the \"Company\") is pleased to announce that\n the underwriting syndicate of its recently closed initial public\n offering has exercised in full their over-allotment option to purchase\n an additional 6,370,500 ordinary shares, raising gross proceeds of\n C$8,026,830 (approximately A$7.7 million). The underwriting syndicate\n was co-led by BMO Capital Markets and Renaissance Capital, and included\n Stifel Nicolaus Canada Inc., National Bank Financial Inc., RBC Capital\n Markets, and CIBC (the \"Underwriters\").\n\n\nUnder the previously announced offering of 42,470,000 ordinary shares\n (the \"Offering\") at a price of C$1.26 (approximately A$1.25) per\n ordinary share for an aggregate gross proceeds of C$53,512,200, the\n Company granted the Underwriters an option to purchase up to an\n additional number of ordinary shares equal to 15% of the number of\n ordinary shares sold under the Offering at any time during the 30 day\n period immediately following the closing of the Offering. The total\n number of ordinary shares in issue following the exercise of the\n over-allotment will be 222,226,108.\n\n\nCommenting on the exercise of the over-allotment, Iain Macpherson, Chief\n Executive Officer of the Company, said: \"The exercise of the\n over-allotment option highlights strong shareholder support for\n Elemental despite the market downturn. The Company is now well funded\n having raised C$57,478,738 of net proceeds, which puts us in a good\n position that allows us to focus on achieving our previously stated\n project development milestones including delivery of the\n pre-feasibility component of the DFS by end Q1 2012 and completion of\n the DFS by end Q1 2013. The Elemental executive is delighted with the\n outcome of the Company's listing on the TSX and share placement, which\n has generated the funds required to see us through the DFS\".\n\n\nThe securities referred to in this announcement have not been and will\n not be registered under the United States Securities Act of 1933, as\n amended (the ''U.S. Securities Act''), or any state securities laws and\n may not be offered or sold within the United States unless regi...