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Elemental Minerals Ltd Announces Details of Private Placement; Announces Share Purchase Plan


Thursday, 22 Nov 2012 05:51pm EST 

Elemental Minerals Ltd announced that it has received commitments from sophisticated and institutional investors to raise approximately AUD 14 million. The placement will result in the issue of approximately 36.5 million new fully paid ordinary shares at AUD 0.385 per share utilizing the Company's available 15% placement capacity to issue the new shares without shareholder approval. The Company will also implement a share purchase plan (SPP) to provide eligible qualifying shareholders with the opportunity to subscribe for up to AUD 15,000 each worth of new Elemental shares at the same price as the placement and without brokerage or commission. The SPP will target to raise a maximum of AUD 5 million., meaning a maximum of 12,987,013 new shares could be issued. The Company plans to use the net proceeds from the financing to maintain appropriate levels of capital for study costs, exploration and resource definition, working capital and general corporate purposes. 

Company Quote

0.25
-0.0050 -1.96%
11 Jul 2014