Aye you're right there!! Carbon copy of where we once were!! How many times can they afford to get it wrong?
I used to get excited at these amounts being raised but now I can't help but feel it has been all so pointless!! Reserves proven, crop trial results known sales negotiated and yet it's being sold off cheaper than when we had nothing!!!!
I'd just like one of them to admit they got it wrong!!!
Sirius Minerals says oversubscribed, upsized share placing was “great success”
By Jamie Ashcroft March 07 2014, 9:01am
"The £43 million capital raising today has been a great success and endorsement of our strategy and the York Potash project,” chief executive Chris Fraser said.
Sirius Minerals’ (LON:SXX) larger than expected funding was a “great success” and has endorsed the group’s plans for the York Potash project, according to managing director Chris Fraser.
In an afterhours statement Sirius confirmed on Thursday that it had raised £43mln through an oversubscribed and ‘upsized’ share placing, £13mln more than it aimed for at the start of the day.
The company had hoped to raise £30mln issuing new shares at 12p each through an accelerated book-build placing, which was arranged by Liberum Capital and Macquarie.
"The £43 million capital raising today has been a great success and endorsement of our strategy and the York Potash project,” chief executive Chris Fraser said in a statement on Thursday evening.
“With broad support from existing and new shareholders in the UK and around the world, this oversubscribed and upsized raising will provide funding for the company's Definitive Feasibility Study and flexibility to accelerate detailed engineering and design work for the project."
"The addition of the warrants provides the participating investors with increased exposure to the York Potash project and, on full exercise of the warrants, provides the company with an additional £32 million of funding following approval of the mine being granted."
Raising £43mln the company will issue 358.7mln new shares, which equates to 23.85 of the company’s previously issued shares.
The placing also sees the issue of 179.35mln share warrants, which convert at 18p, and will soon be tradable. Investors participating in the placing will receive one warrant for every two placing shares bought.
Will not be long before tick-up....and then 12p will be history....yesterday placing was a done deal and the huge taking means only 1 thing the PP WILL GET THE GO AHEAD AND A MASSIVE BOOST FOR THE AREA......GLA.
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