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Sirius Minerals says US$67mln of US$400mln bond issue now converted

The firm said 16.75% of the bonds have now been converted into ordinary shares in Sirius.
Sirius's project is in North Yorkshire

Sirius Minerals PLC (LON:SXX), which is developing a huge potash mine in North Yorkshire, UK, revealed that more of its stage one financing convertible bonds have been exchanged for shares.

The bonds were announced last November and issued at US$200,000 each to raise a massive US$400mln as part of the financing for the project - believed to be the world's largest high-grade known deposit of polyhalite - used as a fertiliser.

The bonds are due in 2023 and with today's announcement, 16.75% of them have now been converted into ordinary shares in Sirius.

Put another way, that's 335 bonds at a value of US$67mln, and over 217.8mln Sirius shares have been issued as a result.

Total shares in issue at Sirius now totals around 4.4bn.

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