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 A$14 million, with the company also launching a share purchase plan for a further A$5 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 C$1.30 (A$1.25) 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.
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