(Alliance News) - FTSE 250-listed Sirius Minerals PLC is on track to complete stage two financing by the end of September, it said, with other work progressing well.
Sirius, which is developing the Woodsmith polyhalite mine in Yorkshire, in May announced its key USD3.8 billion stage two funding package, made up of a USD425 million equity raise, at a 32% discount, as well as USD400 million of bonds and senior debt worth USD2.5 billion.
The company has now completed the equity and bond offering and is on track to complete the rest over the next few months.
Chief Executive & Managing Director Chris Fraser said: "The successful raising of USD825 million of funding during the quarter marked the completion of the first part of our stage two financing.
"We are making good progress with the remaining components of our stage two financing package, which we expect to complete by the end of September this year in line with guidance, and which will enable us to bring our multi-nutrient POLY4 product to our customers to meet the expanding needs of the global agriculture industry."
Sirius is going well with construction, it added, and is on track to produce its first polyhalite from the mine in 2021.
Shares were 1.0% lower on Tuesday morning in London at 14.84 pence each.