- Sirius Minerals said it had raised around $425m (£327m) from a share placement as part of a $3.8bn funding package for its flagship potash project in Yorkshire.

New shares in the company were issued at 15p per share, at the bottom of an indicative range of 15p to 18p, and representing a 32% discount to the closing price on Monday.

Qualifying shareholders will be given the opportunity to apply for the open offer shares at the same issue price, for one new share for each 22 existing shares held.

'I am pleased that we have had such a positive response to the launch of our Stage 2 financing solution which is key to unlocking the vast and long-term potential of our project,' chief executive Chris Fraser said.

'The order books were oversubscribed, providing scope for a modest increase in the funds raised, further strengthening our financial position as we turn our attention toward securing the next phase of our Stage 2 financing requirements.'

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