The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") announce that on 23 January 2014 it issued a further convertible security with the nominal value of £5,500,000 (at the purchase price of £5,000,000) pursuant to, and on and subject to the terms and conditions set out in the convertible security deed dated 11 August 2013, as announced by the Company on 12 August 2013.
In connection with the issue of the convertible security, the Company is issuing 205,224 ordinary shares (the "Relevant Shares") to the investor. Application has been made for the Relevant Shares to be admitted to trading on AIM with admission expected to take place on 29 January 2014. The Relevant Shares will rank pari passu in all respects with all existing ordinary shares in the Company.
Following admission of the Relevant Shares, the Company's enlarged issued share capital will comprise 1,500,196,743 ordinary shares with voting rights. This figure of 1,500,196,743 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
What will the reaction be to this then? Theprophet?
ICP will use their poly as a feedstock for SOP production -- a route to market which remains an option for Sirius in the future. With Q4 2013 prices of $680/$740pt for granular/soluble SOP it seems that the premium for chloride-free potash is higher than ever.
They are looking for $1bn to build their mine and processing plant. Imho, Sirius's prospects will be helped if ICP make some serious inroads into financing over the next 6-9 months.
This is a 'flagship' mine, isn't it? AKA a design and build project. I see a lot of transferable assets, give or take a Poly or two. My stake, is on it. Must admit this National Park thing is a bit of a drag, if you get my drift. but hey what a trophy! If they can build it 'there' they can build it anywhere ... long term forecast is good . Am looking north east , not south, I just don't believe this is a one track pony, too much talent, though I must say my bifocus is rather tinted. ATB
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