logo-loader
Sirius Minerals PLC

Investors can't get enough of Sirius Minerals PLC

Existing investors have wholeheartedly backed Sirius Minerals PLC's financing plans (LON:SXX) by taking up their full allocation in the open offer portion of the mine developer’s fundraising.

The North Yorkshire-focused group said it received acceptances for just over 185mln shares.

Asked whether he's surprised at the amount of support shown by existing investors, Liberum's equity research analyst Richard Knights tells Proactive: ''Not really, the management team has been able to deliver on basically everything that they've suggested they'll be able to deliver on. Shareholders have been happy with their performance to date. The shares have obviously gone up in value ... the placing was done at a discount to the share price on the screen so there was plenty of incentive for investors to take part in it.''

Knights added: ''It's the last component of the equity raise. They began a couple of weeks ago with the institutional placing and the strategic investor placing with Hancock Prospecting. In total they've now raised just under $1.2 bln which is sufficient to fund them for the first phase of development''.

''The second phase is going to be debt-funded and will be put in place sometime around 2018/2019''.

Quick facts: Sirius Minerals PLC

Price: £0.09

Market: LSE
Market Cap: £648.43 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Scancell back in the clinic with a phase II trial of its...

Scancell Holdings PLC's (LON:SCLP) Cliff Holloway tells Proactive London's Andrew Scott they've begun the UK arm of the phase II trial of its flagship skin cancer treatment. The trial is testing the safety and efficacy of SCIB1 in metastatic melanoma patients who are also receiving Merck’s...

1 hour, 23 minutes ago

2 min read