Drill team at work at
the Sintoukola potash
project in the
Republic of Congo

Perth, Australia — 23 November 2012

Elemental Minerals Limited
“’ an advanced mining exploration and development company focused on its 93%-owned Sintoukola potash project on the Republic of Congo coastline “’
has received commitments from sophisticated and institutional investors to raise a total of
A$14 million.

Dual-listed on the Australian and the Toronto Stock Exchanges, the company says the placement will result in the issue of “’36.5 million new fully paid ordinary shares at A$0.385 per share, utilising its available 15% placement capacity to issue the new shares without shareholder approval.

The placement was undertaken on a combined non-underwritten brokered basis with BMO Capital Markets, Renaissance Securities (Cyprus) Limited and National Bank Financial Inc.
The Company’s largest shareholder, Pala Investments Limited, also participated in the placement.

Elemental CEO, Iain Macpherson stated: “The additional working capital will strengthen the company’s balance sheet and enable it to continue to advance the development of our project while continuing to assess alternatives open to us".

Settlement of the placement is scheduled to take place on 28 November 2012 with quotation of those shares on the ASX anticipated to occur on or about 29 November 2012.

Settlement and completion of the placement is conditional upon, among other customary conditions, conditional listing approval from the Toronto Stock Exchange.

Elemental will also implement a share purchase plan (SPP) to provide eligible qualifying shareholders with the opportunity to subscribe for up to A$15,000 each worth of new Elemental shares at the same price as the placement and without brokerage or commission.

The SPP is only available to Australian and New Zealand shareholders who are registered as shareholders as at 4:00pm Perth time on 22 November 2012.  The SPP will target to raise a maximum of A$5 million. Further details will be announced shortly.

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.
Caption, Pic 1: Drill team at work at the Sintoukola potash project in the Republic of Congo.

Source: Elemental Minerals. For more information, click here.