Dual-listed Elemental Minerals (ASX/TSX: ELM) will undertake a private placement offering of ordinary shares using its 15% placement capacity through the issue of up to 36,542,142 ordinary shares.
Elemental is developing the advanced 93%-owned Sintoukola Potash Project on the Republic of Congo coastline.
The placement is being undertaken on a combined non-underwritten brokered basis with BMO Capital Markets, Renaissance Securities (Cyprus) Limited and National Bank Financial.
Elemental plans to use the net proceeds from the financing to maintain appropriate levels of capital for study costs, exploration and resource definition, working capital and general corporate purposes.
It is expected that trading in Elemental's shares will be temporarily halted on the Australian Securities Exchange pending finalisation of the terms of the placement.
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