ELEMENTOS COMPLETES $2 MILLION CAPITAL RAISING TO FUND EXPLORATION PROGRAM
Elementos Limited is pleased to announce that it has now completed the capital raisings announced on 29 June, raising a total of $2 million (before costs and debt reduction) to progress the development of the Cleveland Project.
The capital raisings comprised:
– A private placement of $0.6 million (“Placement”)
– A non-renounceable rights issue, raising the full amount of $1.4 million (“Rights Issue”)
The Placement to sophisticated investors included a cornerstone investment of $480,000 from ASX listed Jervois Mining Limited.
The Rights Issue received a very encouraging response from existing shareholders for their entitlement plus additional shares, and also from new investors for any shortfall component of the Rights Issue, placed to clients of Lodge Partners who received strong demand from their clients to invest in Elementos.
A debt reduction facility also enabled the Company’s Chairman and largest shareholder to take up his Rights Issue entitlement, plus exercise his Rights Issue options, in full satisfaction of his loan to the Company.
Chris Dunks, Elementos Executive Director, said:
“We are very pleased to have raised the full amount of the planned capital raisings and to have received such strong support from our shareholders, Jervois Mining Limited and Lodge Partners.
“We are now debt free and well funded to progress the development of our 100% owned Cleveland Project, and to this end drilling is now underway”.
Elementos wishes to thank shareholders for their ongoing support and welcome the Company’s new investors.
Elementos Limited is an Australian-based exploration and development company, listed on the Australian Stock Exchange (ASX: ELT).
Elementos owns 100% of the tin, copper and tungsten mine located in northwest Tasmania, Australia. The Company plans to develop this mine, known as the Cleveland Tin Project, in three stages: tailings reprocessing, open pit mining and the redevelopment of the existing underground mine.
With the strong fundamentals of the tin sector, an experienced board and management team, and a low capital development strategy, Elementos is poised to enter production and go on to enjoy substantial and sustainable growth.
For more information please visit: www.elementos.com.au