11th Mar 2015 12:20
LONDON (Alliance News) - Sirius Minerals PLC Wednesday said it has raised GBP15.0 million net through the placing of 226.0 million shares at a price of 7 pence each.
Shares in the company are trading down 2.4% at 7.47 pence Wednesday afternoon.
Sirius said the fundraising was conducted via an accelerated bookbuild, with Liberum Capital Ltd and Macquarie Capital Ltd acting as joint global co-ordinators and joint bookrunners on the placing. WH Ireland Ltd was a co-bookrunner.
The shares being issued represent an 11.8% interest in the company.
"We are pleased to announce the result of today's significantly oversubscribed placing and acknowledge the significant support shown by both new and existing shareholders. The proceeds raised not only strengthen the balance sheet but also allow us to maintain the development momentum at our flagship York Potash Project," said Chief Executive Officer and Managing Director Chris Fraser in a statement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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