Sirius Exploration is raising £2.6m to help finance the growth of its potash and energy storage interests.
Shares were placed with 20 investors at 2p each. The market price fell 0.75p to 2.875p a share, which values Sirius at £3.84m. The share price is still double what it was six months ago. Sirius says that it has other investors who are willing to put more cash into the business when it needs it.
Back in May 2009, Sirius raised £28,125 at 2.25p a share from Southern Star Investments Plc, while earlier in July Vizards Tweedie took £10,000 in fees in shares at 3.88p each. In April 2009, Rivington Street was appointed as joint broker with SP Angel and in June 2009, T1ps.com, part of the same stable as the new joint broker, subscribed for just over £17,000 of shares at 2.25p each.
On 6 April 2009, ADRís in Sirius shares started trading on the Pink OTC Markets Inc.
Sirius has signed an option agreement with a number of sellers to acquire the shares that they own in AusPotash. The sellers include Transparent Holdings Ltd, which owns 19.2% of Sirius.
This would leave Sirius with 52% of AusPotash, a Canadian company which owns Queensland Potash. Queensland holds exploration licences in a part of Queensland known for potash and salt deposits. There is also potential for underground energy storage.
Sirius has until 30 September 2009 to complete the purchase and it will undertake due diligence first. The payment will be in the form of Sirius shares or the cash equivalent at 2.5p a share.
AusPotash plans to float on the Toronto Venture Exchange.
Sirius has agreed options to buy the 49% of the Dakota Salts operations from Transparent Holdings and Sojourn Energy LLC by 20 December 2009. Transparent will receive £240,000 or 9.6m Sirius shares for 24% and Sojourn £250,000 or 10m shares for 25%.
Dakota Salts owns mineral licences over more than 5,000 acres of North Dakota.
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