Offering finances exploration and resource definition, working capital
By Devika Patel
Knoxville, Tenn., Nov. 21 - Elemental Minerals Ltd. said it plans a A$14 million private placement of stock. The deal was announced Nov. 20 and will be conducted by BMO Capital Markets, Renaissance Securities (Cyprus) Ltd. and National Bank Financial.
The company will sell shares at A$0.385 per share, a 1.28% discount to A$0.39, the closing share price on Nov. 20.
Pala Investments Ltd. will participate.
Settlement is expected Nov. 28.
Proceeds will be used for study costs, exploration and resource definition, working capital and general corporate purposes.
Elemental is a potash resources explorer in Perth, Australia.
| Issuer: | Elemental Minerals Ltd.
|
| Issue: | Shares
|
| Amount: | A$14 million
|
| Price: | A$0.385
|
| Warrants: | No
|
| Agents: | BMO Capital Markets, Renaissance Securities (Cyprus) Ltd. and National Bank Financial
|
| Investor: | Pala Investments Ltd.
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| Announcement date: | Nov. 20
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| Pricing date: | Nov. 21
|
| Settlement date: | Nov. 28
|
| Stock symbol: | Australia: ELM
|
| Stock price: | A$0.39 at close Nov. 20
|
| Market capitalization: | A$93.79 million
|
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