PERTH, Australia, Dec. 19, 2012 /CNW/ - Elemental Minerals Ltd (ASX,TSX: ELM) ("Elemental" or "the Company") is pleased to announce that it has successfully closed its Share Purchase Plan (the "SPP") announced on 23 November 2012. Elemental has raised ~A$3.25 million resulting in the issue of ~8.4 million new fully paid ordinary shares at A$0.385 per share. The SPP supplements the recent ~A$14 million share placement also conducted at A$0.385 per share. Applications were not scaled back.
Elemental's CEO, Iain Macpherson stated: "I'm very pleased with the vote of confidence we've been given by the market with this successful raising and I'd like to thank shareholders for their continued support as displayed by the strong level of uptake of the SPP. The additional working capital will strengthen Elemental's balance sheet and enable it to continue to advance the development of our project while continuing to assess alternatives open to us."
All shares issued under the SPP will rank equally with existing Elemental shares.
As previously outlined, the remaining key dates for the SPP are as follows:
|Allotment Date||19 December 2012|
|Dispatch of Transaction Confirmation Statements||20 December 2012|
|Shares available to trade||24 December 2012|
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
SOURCE: Elemental Minerals Limited
For further information:
Chief Executive Officer
Tel: +27 (0) 76 238 4461
Investor Relations Manager
Tel: +27 (0) 83 604 0820
Johannesburg Office: +27 11 469 9140