PERTH, Australia, March 19, 2014 /CNW/ - Elemental Minerals Ltd (ASX,TSX: ELM) ("Elemental" or the "Company") refers to its announcement yesterday regarding the developments in the off-market takeover offer for all of the fully-paid ordinary shares of Elemental ("Dingyi Offer") by Dingyi Group Investment Limited ("Dingyi").
As a result of:
- the decision by the Listing Committee of The Stock Exchange of Hong Kong Limited ("SEHK") to uphold the classification of the Dingyi Offer as a "reverse takeover" under the SEHK Listing Rules; and
- the release by Dingyi of its Fourth Supplementary Bidder's Statement in which it stated that it will not be able to satisfy the Dingyi Shareholder Approval Condition as a result of the Listing Committee's decision and the Dingyi Offer will lapse at the end of the offer period (being 7.00pm (Sydney time) on 31 March 2014) because the Dingyi Shareholder Approval Condition will not have been satisfied,
the parties have agreed to the termination of the Bid Implementation Agreement, meaning the previously announced provisions of that agreement are no longer of any force or effect.
Dingyi, being both a significant shareholder and holder of convertible notes in Elemental, has indicated it remains firmly committed to its investment in Elemental and as a result the Sintoukola Project and continues to be open to ways in which it can continue its co-operation with Elemental and its major shareholders. Elemental looks forward to the future and continuing to work together with Dingyi in a mutually beneficial manner.
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