Business
Elemental Minerals Limited Completes C$53.5 Million Initial Public Offering on the Toronto Stock Exchange
/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, Aug. 16, 2011 /CNW/ - Elemental Minerals Ltd. (ASX,\n TSX: ELM) (\"Elemental\" or the \"Company\") is pleased to announce that it\n has successfully completed an initial public offering (the \"IPO\") on\n the Toronto Stock Exchange (the \"TSX\") of 42,470,000 ordinary shares at\n a price of C$1.26 per share (approximately A$1.25 per share) for\n aggregate gross proceeds of C$53,512,200. The offering was carried out\n by a syndicate of underwriters co-led by BMO Capital Markets and\n Renaissance Capital, and including Stifel Nicolaus Canada Inc.,\n National Bank Financial Inc., RBC Capital Markets, and CIBC (the\n \"Underwriters\").\n\n\nIn addition, Elemental has granted the Underwriters an option (the\n \"Over-Allotment Option\") to purchase, at the Underwriters' election, up\n to an additional number of ordinary shares that is equal to 15% of the\n number of ordinary shares sold under the IPO. Such Over-Allotment\n Option is exercisable, in whole or in part, at any time during the 30\n day period immediately following the closing of the IPO.\n\n\nThe Company intends to use the net proceeds of the IPO for further\n development of the Sintoukola Potash Project (Figure 1) including:\n leading to completion of the pre-feasibility study; additional seismic\n and drilling exploration; further geological analysis and for general\n corporate purposes.\n\n\nThe Company is also pleased to announce that Pala Investments Holdings\n Limited, a cornerstone investor in the IPO and Swiss based investment\n group focused on investing in quality resource projects at an early\n stage of development, now holds approximately 13.9% of the Company's\n basic issued and outstanding ordinary shares.\n\n\nElemental's CEO, Iain Macpherson, commented:\n\n\n\"This very successful IPO on the TSX marks a significant milestone in\n the growth of the Company and secures funding for the rapid development\n of the Sintoukola Potash Project through the pre-feasibility study that\n is currently underway and is expected to be complete by the end of Q1\n 2012, providing a solid foundation from which to complete the bankable\n study planned for completion in Q1 2013.\"\n\n\nThe securities referred to in this announcement have not been and wi...