Minerals PLC Jefferies International Underperform 13.38 9.00 9.00 Reiterates

Issue of Ordinary Shares

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY) ("Sirius" or the "Company") hereby announce that, in connection with the convertible security financing, the details of which were announced to the market on 12 August 2013, the Company is issuing 3,495,936 ordinary shares (the "Relevant Shares") at a price of £0.0025 and a convertible security at the purchase price of £10 million with a face value of £11 million. Application has been made for the Relevant Shares to be admitted to trading on AIM with admission expected to take place on 15 August 2013. The Relevant Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following admission of the Relevant Shares, the Company's enlarged issued share capital will comprise 1,353,976,268 ordinary shares with voting rights. This figure of 1,353,976,268 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Citigroup Buy 14.63 80.00 60.00 Reiterates

Something like a difference of opinion with the jefferies forecast of 9 p.
I expect that the 9p contains a good deal of animosity !

It seems ludicrous to have 2 such contrasting views.

It seems Jefferies feel there is little chance of the project being given planning approval for various reasons.

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Preliminary results for the year ended 31 Mar 2013

Key highlights

· Completion of the Detailed Scoping Study confirming the technical and economic viability of the York Potash Project, followed by completion of the Pre-Feasibility Study that simplified and significantly reduced capital cost of the Project.
· JORC compliant Maiden Inferred Resource announced and subsequently increased to 2.2 billion tonnes of 82.4% Polyhalite within just 5% of the York Potash project area
· Mineral rights secured over 95% of the project area.
· Launch of the onshore mining planning approval process and submission of draft documents for pipeline approval process.
· Achieved offshore mining approval - one of the five key approvals required for the York Potash Project.
· Appointment of Jason Murray as Finance Director and Chief Financial Officer.
· Appointment of Gordon Cowe as Development Director.
· Signing of a marketing agreement with KEYTRADE AG, one of the world's leading fertilizer trading, distribution and marketing companies, to market up to 1.75 million tonnes per annum of polyhalite in key regions of Central and South America (excluding Brazil), South East Asia, as well as specific countries in Europe and Africa.
· Launch of the York Potash Foundation.

Post balance sheet events

· Exploration drilling program completed.
· JORC compliant mineral resource increased to 2.66bn tonnes of 85.7% grade polyhalite within an area representing 7% of the York Potash Project area of interest - the largest and highest grade in the world. Upgrade of 820 million tonnes of polyhalite at an average grade of 87.3% to Indicated Category.
· Crop studies results announced, validating polyhalite as an effective, valuable fertilizer that outperforms traditional potassium chloride ("MOP") in some circumstances.
· Major offtake contract for the sale of 1mtpa of polyhalite for 10 years from 2017 to China based Yunnan TCT Yong-Zhe Company Limited.
· Framework Sales Agreements ("FSA's") with fertilizer distributors and manufacturers for 310,000 tonnes per annum in the UK and Europe, and a further 700,000 tonnes per annum of FSAs and letters of intent in various countries including Mexico, Chile, Ecuador, Thailand and Indonesia.
· Convertible security financing of up to £25 million secured with New York based Institutional Investor.

Financials

The Group's year-end cash and cash equivalents position as at 31 March 2013 was approximately £18 million (2012: £54 million). The Group's loss for the year ended 31 March 2013 was approximately £8.6m (2012: £60.1 million). The current position of the Company has been bolstered by the recent financing announced on 12 August 2013.

Annual Report & Accounts and AGM

The Annual Report & Accounts and Notice of Annual General Meeting ("AGM") will be posted to shareholders at the end of August and a copy will be published on the Company's website www.siriusminerals.com.

The AGM will be held at 11.30am on Tuesday 24 September 2013 at the Royal York Hotel, Station Road, North Yorkshire, York, YO24 1AA and the Notice for the AGM will be found in the Annual Report when published.

Skinny, are you still looking to buy at 9.5p?
Looking more likely that those levels might be reached soon.
TT

I have an alert set - will have a refresher look!

I'll bet there will be a few sparks flying at the AGM in 2 weeks time !

I think that 9p was the price set by the ex broker.

Sirius confirms 750k tonnes new polyhalite sales
StockMarketWire.com
Sirius Minerals confirms further progress in the marketing of polyhalite from its York Potash Project. Sirius has entered into varying types of agreements covering an additional 750,000 tonnes per annum relating to China, Africa and Latin America bringing the total committed tonnes to 2.78 million tonnes per annum.

Might this be a turning point. Price now up 1 point from lows.

I have bought a few - only small and may add if things look up.

Yes, I expect there to be volatility until this AGM on the 24th. Some kind of date for seeking approval for the project would help,

From the lunchtime roundups - Sirius seals key Chinese custom

Another poke in the eye for Integer and AMEC Skinny! Pressure building to push planning permission through.

I finally bought a few yesterday @10.025 - still not convinced, but at this level, I'm reasonably happy to be in.

On edit :- if it goes tits up, I'll blame TT for reminding me about them! :-)

Me too! :oD

Blame TT that is! Have held for a while but halved my holding, which is not substantial anyway, last week.

T he board certainly deserve a lot of criticism over not been in a position to adaquately deal with the criticism put forth by AMEC.

What were they thinking about ??? It should have been obvious to a dolt that this broadside was coming from AMEC and they ought to have been fully prepared for it, which quite obviously they were not !