LONDON (Alliance News) - Every share offered in an open offer by Sirius Minerals PLC as part of stage two financing has been taken up, the fertilizer mine developer said Tuesday.
Sirius at the end of April announced a USD3.8 million funding package to develop its Woodsmith polyhalite mine in Yorkshire, and this included a placing, firm placing, and open offer, worth up to USD400 million, at between 15 pence and 18p a share.
Shares were 3.1% lower on Tuesday morning at 15.41p each.
Sirius raised USD425 million in the placing, firm placing, and open offer, and confirmed on Tuesday every share in the open offer was taken up.
Chief Executive & Managing Director Chris Fraser said: "We are encouraged by the oversubscribed open offer, which underlines the strong equity market support for our comprehensive markets-led solution for stage two funding.
"Today's result takes us another step closer to bringing POLY4 to the global agriculture industry and I would like to thank shareholders and partners for their continued support."
"We now turn our focus to delivering the next phase of the funding package, with planning for the high yield bond well underway," Fraser added.