I'm not sure about the bit I've highlighted - does that mean that there isn't a strong demand for the new shares and that they will set (lower) the price accordingly?

This is great news - topped up large here - screaming buy to me - will transform SXX :-))))))

You didn't highlight this bit Skinny:- "· Russell Scrimshaw, Chairman of Sirius, has indicated his intention to subscribe for approximately £3.4m of Placing Shares" At least he is willing to put his pot where his potash is! I suspect that they knew that today's RNS would push the sp down and so make it easier for the placing. Just a thought!

I've got a limit in just shy of 20p - I guess the strike price will be around 20-21p ?

I wonder if it is really a show of solidarity by RS to buy in the event of a weak take up by investors. It may be he is hoping that he will not have to take up that many. Either way, I can't see this being much of a problem for SXX, but this is a long term project and I can see the sp being range bound for a while.

Well certainly Gibby wouldn't want to be out of this one! ;o)

kim - lol yes thanks i wouldnt and am not - i reckon the placing is around 22p ish

RS taking £3.4M did not decide that lightly and certainly not to just shore up the placing - that is a lot of personal cash

The wording is important, imo. It leaves his options open. "has indicated his intention to subscribe for approximately......"

thanks for pointing that out HC i realised that cheers

notice lots of stops being triggered

any news of the ratio on offer yet?

no i believe the process ends 3pm today - depends on the bids received from the invited bidders including russell scrimshaw - in fact it is good the chairman is bidding otherwise may be placed too low sp!! the bookrunner (macQ & liberum) will determine the price in the end and be announced later today or tomorrow most likely

gibby - as Harry has pointed out - the wording sounds a bit of a "get out of jail free card".

skinny - in a way yes - i expect it depends how much the other bidders go up to and what his limit is

in the meantime whether he goes ahead or not the potential of sirius is so huge it dont really matter and the chairman has already invested about £4M of his family wealth already without the further £3.4m potential announced today :-))))

gonna end the day blue here - well chuffed with my early top up today :-)))))))0

kerrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnngggggggggggggggggggg

gla

26 January 2012

Sirius Minerals Plc

("Sirius" or the "Company")

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

Results of Placing

Sirius Minerals Plc ("Sirius" or the "Company") is pleased to announce the successful completion of the placing (the "Placing") announced earlier today.

A total of 305,555,555 new ordinary shares of 0.25 pence each in the Company (the "Placing Shares") have been placed by Macquarie Capital (Europe) Limited ("Macquarie") and Liberum Capital Limited ("Liberum" and, together with Macquarie, the "Joint Bookrunners") with institutions at a price of 18 pence per Placing Share (the "Placing Price"). As part of the Placing, Scrimshaw Nominees Pty Limited as trustee of the Scrimshaw Family Trust, of which Russell Scrimshaw, the Chairman of the Company, is a beneficiary has subscribed for 18,888,888 new ordinary shares in the Company at the Placing Price (the "Chairman's Subscription").

Based on the Placing Price, the gross proceeds of the Placing (including the Chairman's Subscription) will be GBP55 million (approximately US$78 million). The Placing Shares being issued in the Placing (including the Chairman's Subscription) represent approximately 30% of the Company's issued ordinary share capital prior to the Placing.

The Placing Price represents a discount of approximately 23.4 per cent. to the closing middle market price per Ordinary Share on 25 January 2012 on the AIM Market of the London Stock Exchange plc ("AIM").

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of Sirius, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Following the Chairman's Subscription, Russell Scrimshaw will be interested in 32,388,888 ordinary shares in the Company which will represent 2.42 per cent. of the Company's total voting rights after completion of the Placing.

Application has been made for admission of the Placing Shares (including the new ordinary shares to be issued pursuant to the Chairman's Subscription) to trading on AIM ("Admission"). It is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on 31 January 2012 (the "Closing Date") and in any event no later than 13 February 2012.

For the purposes of the Disclosure and Transparency Rules, the Company's total issued share capital following completion of the Placing and the Chairman's Subscription will comprise 1,339,033,310 ordinary shares with one voting right per share. The Company has no shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.

It is a pity we shareholders didn't have a bite of that juicy cherry! Russell did put £3.4m in after all.

agreed kin - but i had some crumbs lol - sold all of this mornings top up so happy with that - buy back at a lower sp later - gl

Well done Gibby!

And down it goes! :o( Fortunately not holding, but that is a big discount to the sp.

My limit buy was 19.8 - quite glad now it didn't get filled - this fundraising has been a long time coming and some positive news flow is now needed.

Especially with all the good news.
1/3 rd off the highs.
Hopefully it will be up from here.