In a wide ranging interview Sirius Minerals (LON:SXX) chief executive Chris Fraser says he believes shareholders can be happy with the funding terms and added that the company is now set for “a very bright future”.
The funding, £370mln of equity and US$400mln of convertible debt, was the largest ever UK mining equity issue for an AIM company, and largest ever convertible bond offering for an AIM company.
“It is great to not only achieve milestones for us, but also set new benchmarks in the industry,” he added.
Speaking about the funding, Fraser added: “Our focus has always been on the greatest value in the delivery of this project, and bringing it into production.”
Basic earnings per share (EPS) to September will be at least US$5c per share while headline earnings (HEPS) will be US$6c, in both cases increases of more than 150% relative to US$2c earned last year.
At least, 10% of the net profit after tax will be distributed as dividends, said the miner.
A near 4,000-metre infill drilling programme has been completed that will be crucial in this regard and 1,870 samples have been collected. The results thus far have been encouraging.
Chairman Peter Allen said: “The year to 30 June 2016 marked the completion of our transformation into the global market leader in the management and supply of both unlicensed and clinical trial medicines.
“Trading for the current financial year remains in line with the board's expectations.”
Shares in Ascent Resources PLC (LON:AST) rose 20% in morning trade after a favourable ruling by Slovenia’s environment agency. It has been told it won’t have to carry out a full environmental impact assessment prior to installing a new processing facility at the Petišovci gas project.
Range Resources Ltd (LON:RRL) told investors it has now spudded its next development well in an ongoing drill programme in Trinidad. The latest well, QUN 158R, is the fourth development well in the current programme.