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Sirius Minerals secures more financing for York potash project

9:28 AM MDT | August 13, 2013 | Natasha Alperowicz

Sirius Minerals (London) has announced that an unspecified New York–based institutional investor agreed to provide £25 million ($38.7 million) of funding in the form of convertible notes. Together with its £8.5 million in existing cash, Sirius said the deal "will provide funding for at least 12 months of the necessary work to secure approvals for the York potash project." The financing is staged to minimize dilution to existing shareholders and maximize flexibility to the company. “At a time of great volatility in the potash...

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