PERTH, Australia, Jan. 28, 2014 /CNW/ - Elemental Minerals Ltd (ASX,
TSX: ELM) ("Elemental" or the "Company") would like to provide the following update in response to the bid
extension as announced by Dingyi on 23 January 2014.
The status of the current timetable is as follows:
The Dingyi Offer is due to close at 7.00pm (Sydney time) on 31 March
2014 (unless further extended).
The Dingyi Shareholder Approval Condition has not yet been satisfied.
The main issue, as announced on 24 December 2013, relates to the Stock
Exchange Hong Kong (SEHK) Listing Committee decision to classify the
Dingyi Offer as a reverse takeover under Rule 14.06(6) of the SEHK
Listing Rules. Dingyi has requested a review by the SEHK Listing
Committee of this decision. Dingyi has informed the Company that it is
in the process of finalising its formal review submissions and expects
them to be lodged with the SEHK Listing Committee in early February.
The Company is assisting Dingyi with the SEHK review process where
possible and will keep the market informed of any material
The extension of the Dingyi Offer has triggered a withdrawal right for
shareholders who accepted it prior to the extension. Shareholders can
expect to receive a notice of variation of the Dingyi Offer from
Dingyi, which includes an explanation of the process they must follow
should they wish to exercise that right.
About Elemental Minerals
Elemental Minerals Limited is an advanced mining exploration and
development company that aims to grow shareholder value through its
93%-owned Sintoukola Potash Project on the Republic of Congo coastline.
Elemental Minerals is dual listed on the Australian Stock Exchange and
the Toronto Stock Exchange under the symbol ELM. For more information,
About Dingyi Group Investment
Dingyi Group Investment Limited is a company incorporated in Bermuda and
listed on the Hong Kong Stock Exchange. Dingyi is an investment company
with interests based primarily in Hong Kong and Mainland China. Dingyi
is a company controlled by Mr. Li Kwong Yuk, a Chinese entrepreneur.
Mr. Li also controls a number of other substantial Mainland Chinese and
international business interests in sectors including infrastructure,
real estate, financial institutions and natural resource, among others.
SOURCE: Elemental Minerals Limited
For further information:
Mr Sam Middlemas
Tel: +61 (419) 936 040
Mr Glenn Gatcliffe
Managing Director - BMO Capital Markets
Tel: +1 (416) 359 7048