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 developments.
- 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, 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
For further information:
Mr Sam Middlemas
Tel: +61 (419) 936 040
Mr Glenn Gatcliffe
Managing Director - BMO Capital Markets
Tel: +1 (416) 359 7048