6th Mar 2014 12:11
LONDON (Alliance News) - Sirius Minerals PLC Thursday said it intends to raise a minimum of GBP30 million in a share placing of at least 250 million new shares, which it said it will use to fund work on its York Potash project.
The diversified potash development company said the share placing represents approximately a 16.6% shareholding in the company, and it will price the shares at 12 pence each.
It said that together with existing cash resources of GBP10 million, the money will allow it to continue the current schedule of work at the York Potash Project, fund work to support the project approval applications, and for continuing project expenditure including land options, sales and marketing activities, crop studies and general corporate overheads.
The group said any proceeds raised in excess of GBP30 million would be applied towards additional detailed engineering and design work for the York Potash project, additional project expenditure and overheads costs.
Sirius Minerals shares were trading at 12.25 pence per share Thursday, down 5.8%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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