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Sirius Minerals to raise £30mln to support development of potash project

Last updated: 17:16 06 Mar 2014 AEDT, First published: 18:16 06 Mar 2014 AEDT

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Sirius Minerals (LON: SXX; OTCQX:SRUXY), developers of the York Potash Project in North Yorkshire, has unveiled plans to raise £30mln via a share placing.

The stock is being offered at 12 pence, which represent a modest discount to last night’s closing price; meanwhile, investors will also receive one warrant for every two shares they acquire.

The warrant offers the opportunity to buy further Sirius shares at 18p each.

The injection of new cash would be used to continue the current work programme on the project and to complete the definitive feasibility study.

It would also support project approval applications and what is described as “continuing project expenditure”. This includes land options, sales and marketing activities, crop studies and “general corporate overheads”.


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