Elemental Minerals Banks Extra $8M after Underwriters Exercise Overallotment
Elemental Minerals Ltd (ELM.TO) got a small bounce over the past hour but could not hold on to the gain, sliding back to five cents down for the day at $1.50 a share after saying that underwriters for its recent initial public offering of stock exercised their overallotment option to acquire an additional 6.37 million shares of Elemental stock.
In all, the Australia-based junior miner raised $57.4 million in gross proceeds from the offering, including just over $8 million in extra cash following the overallotment.
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