Sirius raises £327m after share placing

Sirius Minerals, the company behind major potash mining plans in the North York Moors, has announced that it raised £327m through its placing of shares yesterday.

The company announced its second stage of fundraising yesterday, which included a $2.5bn (£1.9bn) revolving credit facility, as well as a share placing.

Sirius intended to raise £310m in the share placing, but demand has seen it raise £17m more than planned.

The firm placed shares represent around 28% of the company’s issued ordinary shares following admission.

Chris Fraser, Sirius Minerals’ chief executive officer, commented: “I am pleased that we have had such a positive response to the launch of our Stage 2 financing solution which is key to unlocking the vast and long-term potential of our Project.

“The order books were oversubscribed, providing scope for a modest increase in the funds raised, further strengthening our financial position as we turn our attention toward securing the next phase of our Stage 2 financing requirements.

“I want to take this opportunity to thank the entire Sirius team and our partners who remain fully supportive and committed to the success of this Project.”