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Elementos Ltd Announces Acquisition Of Rockwell Minerals Limited

Monday, 1 Apr 2013 10:14pm EDT 

Elementos Ltd announced an agreed merger transaction with Rockwell Minerals Limited (Rockwell), an Australian unlisted public company. The merger creates a diversified metals company, including the Cleveland advanced tin and tungsten deposits in Tasmania, and a number of prospective gold and copper assets in South America and Australia. Elementos has entered into a conditional term sheet to acquire all the issued shares of Rockwell, an unlisted public tin and tungsten exploration company, through the issue of Elementos shares. On completion, Rockwell shareholders will own 55% of the total issued share capital of the merged group, and the present Elementos shareholders 45%. The Directors of Rockwell have resolved unanimously to recommend that Rockwell shareholders accept the proposal, and intend accepting the proposal with respect to their own shares. Calvin Treacy (chairman of Rockwell) and Richard Trevillion (a non-executive director of Rockwell) will join the board of Elementos, reflecting the new strategic direction of the Company. A. Anthony McLellan will remain non-executive chairman of the combined group. Rockwell has also entered into an option agreement to acquire the remaining interest in tenement EL7/2005 for a total consideration of $700,000, payable by December 31, 2013. It is expected the transactions will close by the end of June 2013. 

Company Quote

26 Nov 2014