AI assistant
ELEMENTOS LIMITED — Capital/Financing Update 2024
Oct 17, 2024
64837_rns_2024-10-17_20ca28d8-81e5-4d8a-b6c1-6dce40cbf20c.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
Elementos Limited Level 7, 167 Eagle St ABN 49 138 468 756 Brisbane Queensland 4000 ASX: ELT Phone +61 (0)7 2111 1110 elementos.com.au [email protected]
18 October 2024
ASX RELEASE
Results of Entitlement Offer and Shortfall Notice
Elementos Limited (ASX: ELT) advises the results of the Company’s non-renounceable entitlement offer announced on 1 August 2024 ( Entitlement Offer ) and closing on 11 October 2024 ( Closing Date ).
Summary
Under the Entitlement Offer, eligible Elementos shareholders were offered one new ordinary share in the capital of the Company ( Share ) for every six existing ELT Shares held by them as at 9 August 2024, together with one unlisted new option for every two new Shares acquired for nil additional consideration, which are exercisable at A$0.18 and expire on 31 January 2026 unless previously exercised ( Options )[1] .
The Company received applications under the Offer for 8,654,614 Shares at the issue price of $0.095 per Share raising gross proceeds of $822,188. Accordingly, the Company will also issue 4,327,330 Options.
As previously announced, Elementos’ Chairman Mr Andy Greig has taken up his full entitlement under the offer of $418,000. Subsequently, and in addition, Mr Greig has also committed to increase his participation in the Placement announced on 1 August 2024 by an additional $445,000. This takes his total Placement amount from $1.08m to $1.526m (subject to shareholder approval at the upcoming Annual General Meeting). Mr Greig’s total participation in the recent capital raise (both Placement & Entitlement Offer) is $1.94m, further demonstrating the strong confidence in the company’s assets and development plans.
Public Shortfall Offer
The public shortfall offer is a separate offer made pursuant to the prospectus dated 6 August 2024 ( Prospectus ) and may remain open for up to three months following the closing date ( Public Shortfall Offer ). The issue price for each Share to be issued under the Public Shortfall Offer shall be $0.095, being the price at which Shares were issued under the Offer. Successful applicants under the Public Shortfall Offer will also be entitled to Options on the same terms as under the Offer.
Details of the entitlements not taken up under the Offer are provided in the table overleaf.
- The Entitlement Offer includes the issue of one free attaching option for every two new Shares, providing the holder with the right to be issued one Share upon payment of the exercise price (A$0.18) for the period from the option’s issue date until 31 January 2026.
ASX:ELT
TOMORROW’S TIN
| Shortfall Notification | Number |
|---|---|
| Total number of Shares available under the Offer | 32,456,681 |
| Total number of Shares subscribed for under the Offer (includingapplications for additional shares under the Top-Up Offer) | 8,654,614 |
| Total Shares remaining available under the Public Shortfall Offer | 23,802,067 |
The Company reserves the right to place any shortfall Shares at its discretion but has made no decision to do so at this stage. Public Shortfall Shares will not be allocated or issued where the Company considers that to do so would result in a breach of the Corporations Act 2001(Cth), the Listing Rules or any other relevant regulation or law.
The Company will update the market upon the allocation and issue of Shares and Options under the Public Shortfall Offer.
Elementos’ Board has authorised the release of this announcement to the market.
For more information, please contact:
Mr Duncan Cornish Mr Joe David Company Secretary Managing Director Phone: +61 7 2111 1110 Phone +61 7 2111 1110 [email protected] [email protected]
ABOUT ELEMENTOS
Elementos is committed to the safe and environmentally conscious exploration, development, and production of its global tin projects. The company owns two world class tin projects with large resource bases and significant exploration potential in mining-friendly jurisdictions. Led by an experienced-heavy management team and Board, Elementos is positioned as a pure tin platform, with an ability to develop projects in multiple countries. The company is well-positioned to help bridge the forecast significant tin supply shortfall in coming years. This shortfall is being partly driven by reduced productivity of major tin miners in addition to increasing global demand due to electrification, green energy, automation, electric vehicles and the conversion to lead-free solders as electrical contacts.
2