Business
Elemental Minerals review of operations for the quarter ended 30 June 2013
PERTH , Australia , July 31, 2013 /CNW/ - Elemental Minerals Ltd. (ASX, TSX: ELM) ...
About this update from Element Lifestyle Retirement Inc.
[{"type":"text","content":"\n\n\n\n\n\nPERTH, Australia, July 31, 2013 /CNW/ - Elemental Minerals Ltd. (ASX, TSX: ELM) (\"Elemental\" or \"the Company\") is pleased to provide the following quarterly update for activities\n at its Sintoukola Potash Project located in the Republic of Congo (\"RoC\").\n\n\nHighlights:\n\n\nDingyi Group Investment Limited (\"Dingyi\") to make an all cash off-market takeover offer for 100% of the fully\n paid ordinary shares of Elemental at A$0.66 per share.\n\nDingyi to subscribe for A$5 million of Elemental shares and provide\n Elemental with additional financing of up to A$15 million through a\n secured convertible loan facility (subject to shareholder approval).\n\n\nOperational Activities:\n\n\nReceipt of a large database of historic mining and exploration data for\n the RoC\n\nLand rezoning and compensation process underway\n\nContinued modularisation studies with AMEC in preparation of the start\n of the Bankable Feasibility Study\n\nCompleted brine dispersion modeling which confirmed the feasibility of\n the proposed solution from an environmental impact perspective\n\nA 12-month metocean survey was completed\n\nA geotechnical report on the process plant foundation design was\n completed by AMEC.\n\n\nPost-quarter Operational Activities:\n\n\nContinued land rezoning and compensation process\n\nEngagement with regulators in support of the Congolese Environmental and\n Social Impact Assessment (ESIA)\n\n\nPreparation of submission of the International Environmental and Social\n Impact Assessment (ESIA)\n\n\nDingyi Offer \n\n\nOn 1 July 2013, Elemental announced that it had executed a bid\n implementation agreement with Dingyi (\"Bid Implementation Agreement\") under which Dingyi will make an off-market takeover offer for 100% of\n the fully paid ordinary shares of Elemental (\"Dingyi Offer\").\n\n\nThe Dingyi Offer price is A$0.66 per Elemental share, valuing Elemental\n at approximately A$190 million and represents a 126% premium to the\n volume weighted average price per Elemental share over the 20 trading\n days prior to the announcement in relation to the Dingyi Offer made on\n 12 April 2013.\n\n\nA majority of Elemental directors have recommended that shareholders\n accept the Dingyi Offer unless a superior proposal emerges or the\n Dingyi shareholder approval condition has not been satisfied by the\n prescribed da...