PERTH, Australia, Nov. 12, 2013 /CNW/ - Elemental Minerals Ltd (ASX, TSX: ELM) ("Elemental" or the "Company") would like to provide the following update on the off-market takeover offer for all of the fully-paid ordinary shares of Elemental ("Dingyi Offer") by Dingyi Group Investment Limited ("Dingyi"), a company incorporated in Bermuda and listed on The Stock Exchange of Hong Kong Limited ("SEHK").
Dingyi announced yesterday an extension to the closing date of the Dingyi Offer to 7.00pm (Sydney time) on 31 January 2014 (unless further extended). Shareholders can each expect to receive written notice of this variation to the closing date of the Dingyi Offer together with the process by which any Shareholder who has accepted the Dingyi Offer may withdraw that acceptance.
As previously announced by Elemental, the Dingyi Offer remains conditional upon, amongst other conditions, Dingyi obtaining the approval of its shareholders.
The timing of that shareholder approval is subject to SEHK regulatory approvals of the announcement and circular relating to the Dingyi Offer. There have been delays in obtaining those regulatory approvals the timing for which is not within the control of either Elemental or Dingyi. Both parties remain committed to obtaining these approvals as quickly as possible.
Given the delay in obtaining the SEHK regulatory approval, the parties are currently discussing other extensions to the transaction timetable and will announce any such agreement immediately upon it being reached.
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, visit www.elementalminerals.com
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. http://www.dingyi.hk/
SOURCE: Elemental Minerals Limited
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