(MENAFN - ProactiveInvestors - Australia) Elemental Minerals (ASX: ELM, TSX: ELM) has a new substantial shareholder, with Genesis Asset Managers LLP now holding 13.079 million shares - which equates to a 5.37% stake.
Genesis is based in the United Kingdom and operates emerging markets equity funds.
Elemental 93% owns the Sintoukola Potash Project, which is a low-cost, high-grade Sylvinite Potash Project located in the Republic of Congo.
The company recently received private placement commitments from sophisticated and institutional investors to raise around A14 million, with the company also launching a share purchase plan for a further A5 million - with the funds to advance the development of our project
The potential of the project has not been lost on the broker community, with Dundee Securities placing a 12-month share price target of C1.30 (A1.25) on the stock earlier in the month, which is over three times the last traded price.
Providing further support for Elemental's operations, Canadian investment bank Northern Securities placed a more bullish 2.70 price target on the company two months ago.