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(SXX.L) Sirius Exploration PLC Buy/Sell
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| Date/Time | Headline | Source |
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| Mon 16:56 | RNS |
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For immediate release: 16 November 2009
Sirius has, today, posted a Notice of General Meeting to Shareholders. Extracts are set out below and copies are available on the Company's website, www.siriusexploration.com. Introduction This General Meeting is being called pursuant to section 190 of the Companies Act 2006 concerning substantial property transactions with directors to approve the acquisition of the 1.3% of AusPotash and 9.89% of Adavale Holdings. As stated in the original announcements of 22 September and 14 October 2009 concerning the acquisition of AusPotash and Adavale, these share acquisitions need to be approved by shareholders because two of the Directors, Jonathan Harrison and Richard Poulden, have interests in the shares being acquired: Jonathan Harrison through the ownership of Easy Business Consulting Ltd ("Easy Business"), and in Richard Poulden's case through a trust of which members of his family are beneficiaries ("Family Trust"). Details of the Transactions AusPotash The terms of the AusPotash acquisition were announced on the 22 September and 29 September and it is proposed that, in accordance with the terms made available to the vendors as a whole, the Company acquires 373,354 and 1,120,061 AusPotash Shares held respectively by Easy Business and the Family Trust, representing in each case 0.67 % and 2.01 % of the issued share capital of AusPotash. Under the terms as announced on 22 September 2009, the Company is paying a price of CAD$0.40 per AusPotash Share by the issue of two new Ordinary Shares for each AusPotash Share, the value of an Ordinary Share having been agreed by the parties to be 11.25p per share (or CAD$0.20 per share). Accordingly, 746,708 new Ordinary Shares will be issued to Easy Business and 2,240,122 new Ordinary Shares will be issued to the Family Trust, equating to consideration based upon the agreed issue price of 11.25p per Ordinary Share of £84,005 and £252,014 respectively. AusPotash is a private Canadian company whose principal business activity is the acquisition, exploration and development of mineral properties. AusPotash holds an interest in two exploration permits covering lands overlying the "Boree Salt Member". The Boree Salt Member lies within the Adavale Basin, which is located approximately 50 kilometres (kms) south of Blackall, central western Queensland, some 650 kms inland from the Queensland coast and 840 kms west-northwest of Brisbane, Queensland. For the 9 month period ended 31 May 2009, AusPotash reported a loss of CAD $870,521 on nil turnover and had as at that date net assets of CAD$6,462,005. AusPotash has not yet determined whether its mineral property interests contain mineral reserves that are economically recoverable nor have any reserves or resources been established in accordance with an internationally recognised mineral standard acceptable to AIM. As a result of this Transaction, Sirius will own 68.38% of AusPotash. Further information on AusPotash is set out in the Company's announcements of 22 and 29 September 2009. Adavale The terms of the acquisition were announced on 14 October 2009 whereby the Company agreed to acquire 100% of the Adavale Shares for 150,000,000 new Ordinary Shares issued at a price of 13p per share. It is proposed that, in accordance with the terms made available to the vendors as a whole that the Company acquires 4,922,916 and 14,768,751 Adavale Shares respectively in which Easy Business and the Family Trust respectively have interests, representing in each case 2.47% and 7.43% of the issued share capital of Adavale. Accordingly, 3,712,500 new Ordinary Shares will be issued to Easy Business and 11,137,500 new Ordinary Shares will be issued to the Family Trust, equating to consideration based upon the agreed issue price of 13p per Ordinary Share of £482,625 and £1,447,875 respectively. Adavale, is a privately held company incorporated in Queensland, Australia. It holds mineral exploration permits covering nearly 400 sq km in the Adavale Basin in Queensland, allowing for the exploration and extraction of salt and potash and the creation of caverns for the storage of natural gas or potentially carbon dioxide. The two permit areas controlled by Adavale are the Listowel and the Alva. Adavale has not traded and has published no accounts. A valuation or competent person's report has not been prepared in relation to these permits. However, the Company is in the process of commissioning a report on the storage cavern and mineral potential. As a result of this transaction, Sirius will own 100% of Adavale. Further information on Adavale is set out in the Company's announcement of 14 October 2009. Application to AIM In conjunction with the Transactions, application will be made for the total of 17,836,830 new Ordinary Shares, which will when issued rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM and trading, is expected to commence on 3 December 2009. The aggregate market value of the new Ordinary Shares is £1,337,762 based upon the latest mid market price per Ordinary Share of 7.5p as at 13 November 2009 (being the latest practical date prior to the printing of the Circular). AIM Rule 13 In addition, due to the interests of Jonathan Harrison and Richard Poulden in the Transaction as explained above, this is a Related Party Transaction as defined in AIM Rule 13. The Independent Directors, having consulted the Company's Nominated Adviser, Beaumont Cornish Limited, consider that the terms of the Transactions as set out above are fair and reasonable insofar as the Company's Shareholders are concerned. Director's Interests Following the issue of the new Ordinary Shares in relation to the Transactions, the direct and indirect interests of the Directors' in the Ordinary Shares will be as follows:
General Meeting The General Meeting of the Company is to be held at the offices of the Company's solicitors, Pinsent Masons LLP, CityPoint, One Ropemaker Street, London EC2Y 9AH at 11:30 a.m. on 2 December 2009. Recommendation by the Board The Independent Directors have reviewed the Transactions in the absence of Jonathan Harrison and Richard Poulden and they consider that the terms of the Transactions are fair and reasonable insofar as Shareholders are concerned. Accordingly, they unanimously recommend that Shareholders vote in favour of the Transactions as they intend to do in respect of their aggregate holdings of 9,733,732 Ordinary Shares representing 1.6% of the Company's issued share capital. Jonathan Harrison and Richard Poulden, due to our interests, will abstain from voting on the Resolutions in respect of 900,000 and 9,104,367 Ordinary Shares respectively and will arrange for Easy Business with 3,200,000 Ordinary Shares to do likewise. The Family Trust holds no Ordinary Shares.
ENDS
Further Information:
Richard Poulden
Beaumont Cornish
Gth media relations
Website: www.siriusexploration.com
DEFINITIONS
"Shareholder" or "Shareholders" a holder or holders of Ordinary Shares
Sirius Exploration More |
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| 12-11-09 | RNS |
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RNS Number : 4111C Sirius Exploration plc 12 November 2009 For immediate release: SIRIUS EXPLORATION Plc - AIM:SXX, OTC:SRUXY ("Sirius" or "the Company") Sirius Launches new Carbon Capture Research Initiative Sirius Exploration Plc (AIM: SXX, OTC: SRUXY), the diversified mining and exploration holding company focused on salt and potash deposits in North America and Australia, is pleased to announce that its wholly owned subsidiary, Bicarb Sequestration Pty, has commissioned UniQuest Pty Limited, the contract research arm of The University of Queensland, to conduct formal research into the concept of using land-bound salt beds as a medium for sequestering CO2 as solid carbonates/bicarbonates underground. This research activity is an integral part of the Company's ongoing efforts to identify second generation commercial applications for its properties that can be deployed concurrently or after the mining activity has concluded. Whilst the concept of using salt as a medium to convert harmful CO2 emissions into inert carbonates is already established, to date the work in this area has been focussed on off-shore installations using sea water as the prime medium by major oil companies. Under the programme of research to be conducted on behalf of Bicarb Sequestration Pty, UniQuest will initially carry out a six month proof of concept to establish the principle of using a solution mining based process to enable CO2 to be converted into carbonates/bicarbonates (mostly NaH CO3) and then stored underground. Should the initial research prove successful, UniQuest will then carry out further programmes to establish the optimum operating conditions and optimum process equipment to allow a preliminary design for a pilot plant to be created and initial economic analysis conducted. Richard Poulden, Chairman of Sirius, commented: "We are optimistic that the approach being proposed by our Bicarb Sequestration division will be able to overcome the issues previously encountered when research teams have looked into the possibilities of converting CO2 into carbonates in an onshore environment. As such, this programme forms part of Sirius's ongoing research activity to identify second generation commercial applications for our properties that can be deployed concurrently or after the mining activity has concluded. Indeed, we firmly believe that we have the opportunity to identify new approaches that can complement those that have already been proven for using salt beds and caverns as mediums for serving the green energy agenda. We are keen to obtain key intellectual property in these new areas to complement our mining activity and this project forms part of those efforts."
About Sirius Sirius is quoted on the AIM market of the London Stock Exchange in London and its shares are also traded in North America through the use of an ADR facility. Sirius currently has interests in potash and salt caverns through its subsidiaries Dakota Salts LLC, AusPotash Limited, Adavale Holdings Pty Ltd and Derby Salt Pty Ltd. It also has copper and gold interests in Macedonia and an iron ore interest through its equity position in a CIC Mining Resources Ltd vehicle. For more information, visit www.siriusexploration.com Further Information: gth media relations
This information is provided by RNS The company news service from the London Stock Exchange END
NRAGUGRWGUPBGGP More |
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| 10-11-09 | RNS |
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For immediate release
Further to the issue of a total of 2,631,442 options to Old Park Lane Capital Plc in July 2009, Sirius Exploration announces that it has received an Exercise Notices in relation 250,000 of these options. Therefore, the Company has issued and alloted 250,000 new Ordinary Shares of 0.25p per share ("Ordinary Shares") at 4.5p per share whereby raising a total of £11,250. The monies will be used for general working capital purposes. Following this exercise the Company has 3,691,442 options and warrants outstanding. Application will be made for the 250,000 new Ordinary Shares, which will rank, pari passu, with all existing ordinary shares, to be admitted to trading on AIM and trading in such shares is expected to commence on or around 16 November 2009. Following the issue of the new ordinary shares as set out above, the total number of shares in issue will be 607,191,340.
ENDS
Further Information:
Richard Poulden
richard.poulden@siriusexploration.com
Jonathan.harrison@siriusexploration.com
Beaumont Cornish
Gth media relations
Website: www.siriusexploration.com Sirius Exploration More |
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| 04-11-09 | RNS |
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For immediate release: 4 November 2009
HOLDING IN COMPANY Sirius Exploration announces that it was informed on 31 October 2009 that as that date Knighthead Capital Management, L.L.C., as Investment Manager to Knighthead Master Fund, L.P. no longer holds a notifiable interest in the issued share capital of the Company.
ENDS
For further information, please contact:
Jonathan Harrison
Richard Poulden
Roland Cornish
Gth media relations
Sirius Exploration More |
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| 04-11-09 | RNS |
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For immediate release: 4 November 2009
Further to the announcement made on 29 September 2009, Sirius (AIM: SXX, OTC: SRUXY) announces that it has today completed the purchase of a further 105,595 common shares of AusPotash (the "Transaction"), representing 0.18% per cent of the issued and outstanding common shares of AusPotash at a price of CAD$0.40 per AusPotash share purchased. As a result of the Transaction Sirius now has an interest in 63.68% of AusPotash. Sirius has issued 211,190 new Ordinary Shares at a price of 11.25p per share in consideration for the Transaction. Further to the Transaction and the announcement of 29 September 2009, 19,135,996 common shares of AusPotash remain to be purchased by Sirius and the Company will notify the market when these are completed in due course. Accordingly, 211,190 new Ordinary Shares of 0.25p per share ("Ordinary Shares") have been issued and allotted and trading in such shares is expected to commence on 10 November 2009. Following the issue of the new Ordinary Shares as set out above, the total number of shares in issue will be 606,941,340.
Contacts: Richard Poulden
richard.poulden@siriusexploration.com Beaumont Cornish
Gth media relations
Website: www.siriusexploration.com Sirius Exploration More |
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| 04-11-09 | RNS |
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For immediate release: 4 November 2009
For the purposes of the Disclosure and Transparency Rules of the Financial Services Authority, the Board of Sirius Exploration Plc (the "Company") is required to notify the market of the following: As at the date of this announcement, the Company's issued share capital consists of 606,730,150 ordinary shares with a nominal value of 0.25 p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 606,730,150. The above figure of 606,730,150 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
ENDS For further information, please contact:
Sirius Exploration Plc
Richard.poulden@siriusexploration.com
Jonathan.harrison@siriusexploration.com
Beaumont Cornish Limited
GTH Media Relations
Sirius Exploration More |
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| 30-10-09 | AFX UK Focus |
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LONDON, Oct 30 (Reuters) - Sirius Exploration Plc:
US$2,470,000 ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 30-10-09 | RNS |
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For immediate release: 30 October 2009, 7AM SIRIUS EXPLORATION PLC
CORPORATE UPDATE The Directors of Sirius Exploration Plc (AIM: SXX, OTC: SRUXY), the diversified mining and exploration holding company focused on North America and Australia, are pleased to provide Shareholders with the following Corporate Update. The Directors confirm that on 22 October 2009 an agreement was reached with CIC Mining Resources Limited (CNSX:RRR) ("CIC"), a leading China based royalty company listed on the Canadian Stock Exchange, to acquire Sirius's 3% Net Working Interest (NWI) in the Bobai Bishop Tungsten Mine (the "Tungsten Interest") in China (as previously announced on 11 November 2008). The Tungsten Interest is a relatively illiquid asset of the Company which is non-core. Under the terms of the Agreement, CIC will acquire the Tungsten Interest for 200,000 pre- IPO B Class shares valued at US$2,470,000 in a CIC vehicle - to be called IMG Group ("IMG") - which CIC is intending to list on a major exchange during the first half of 2010. IMG will comprise of CIC's iron ore interests that currently include production in China and exploration assets in Africa and South America. CIC has already established the share capital for IMG by creating separate B Class CIC shares. Neither the Tungsten Interest nor IMG are profit making at this stage. Pursuant to the terms of the transaction Sirius is also acquiring an additional 100,000 CIC B Class shares in exchange for the issue of 6,000,000 Ordinary Shares of 0.25p ("Ordinary Shares") in Sirius at a price of 12.5p per Ordinary Share, an effective price of US$0.2058 per Sirius share. In total Sirius will hold 300,000 CIC B Class shares Application has been made for the 6,000,000 new Ordinary Shares, representing 1.00% of Sirius's enlarged issued share capital which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM and trading is expected to commence on 4 November 2009. Following completion of the transaction, Sirius will have an issued share capital of 606,730,150 Ordinary Shares. Richard Poulden, Chairman of Sirius, commented: "The Board of Sirius believes IMG offers an efficient mechanism for exchanging our illiquid legacy tungsten interests for shares in an attractive sector company with plans to IPO in the first half of 2010, allowing Sirius to focus on its salt and potash activities." --Ends-- Enquiries welcomed, for further information please contact the Company: Sirius Exploration Plc Richard Poulden (Chairman) richard.poulden@siriusexploration.com +971 556 232 672 Jonathan Harrison (Financial Director) +44 78 7988 7755 Beaumont Cornish Roland Cornish (Chairman) Tel: 020 7628 3396 GTH Communications Limited Toby Hall/Christian Pickel +44 (0)20 7153 8039/8036 Websites: www.siriusexploration.com www.cicresources.com Sirius Exploration More |
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| 23-10-09 | AFX UK Focus |
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* To issue 100 mln new shares to Derby shareholders * Sirius shares rise as much as 11.6 pct
(Recasts, adds details)
($1=.6018 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott) Keywords: SIRIUSEXPLORATION/ (kumar.alagappan@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: kumar.alagappan@thomsonreuters.com)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 23-10-09 | AFX UK Focus |
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* To issue 100 mln new shares to Derby shareholders * Sirius shares up 7 pct
(Adds details)
($1=.6018 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott)
((kumar.alagappan@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: kumar.alagappan@thomsonreuters.com)) Keywords: SIRIUSEXPLORATION/
(Recasts, adds details)
($1=.6018 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott) Keywords: SIRIUSEXPLORATION/ (kumar.alagappan@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: kumar.alagappan@thomsonreuters.com)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 23-10-09 | AFX UK Focus |
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* To issue 100 mln new shares to Derby shareholders * Sirius shares up 7 pct
(Adds details)
($1=.6018 Pound) (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott) Keywords: SIRIUSEXPLORATION/ (kumar.alagappan@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: kumar.alagappan@thomsonreuters.com)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 23-10-09 | AFX UK Focus |
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LONDON, Oct 23 (Reuters) - Sirius Exploration Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 23-10-09 | RNS |
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For immediate release: 23 October 2009, 7AM
Sirius Exploration Plc ("Sirius" or "the Company") announces that it has acquired 100% of the ordinary shares in Derby Salt Pty Ltd ("Derby Salt") for a consideration of £13,000,000. This consideration has been satisfied by Derby Salt's shareholders accepting 100,000,000 new Ordinary Shares of 0.25p ("Ordinary Shares") in Sirius at a price of 13p per share. Following completion of the transaction, Sirius will have an issued share capital of 600,730,150 Ordinary Shares. Application has been made for the 100,000,000 new Ordinary Shares, representing 16.65% of Sirius's enlarged issued share capital which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM and trading is expected to commence on 28 October 2009. As a result of the acquisition and issue of the consideration shares The Catlow Family Trust will have a beneficial interest in 100,000,000 Ordinary Shares representing 16.65% of the Company's issued share capital. Information on Derby Salt Derby Salt Pty Ltd, a privately held Company incorporated in Western Australia and based in Perth, Western Australia, holds mineral leases in excess of 125,000 hectares in the Kimberley region of Western Australia, allowing for the exploration and extraction of salt and potash and the creation of caverns for the storage of natural gas or potentially carbon dioxide. Derby Salt has not traded and has published no Accounts. A valuation or competent person's report is not required for this transaction. Following the acquisition of the controlling interest by Sirius, the Company is to commission a report on the storage cavern and mineral potential.
The Kimberley region of Western Australia overlies The Canning Basin which based on existing seismic data
detailed review of all available data Derby Salt has identified and secured ground that it believes to have the most prospective potential to host economic potash deposits. If successfully delineated, it is proposed that these deposits will be solution mined. The potash is targeted in the Mallowa Salt unit of the Carribuddy Group within the Ordovician sediments in the Canning Basin. In Derby Salt's tenements the Mallowa Salts are around 450 metres thick with the top at a depth of approximately 550 metres below the surface. The tenements are approximately 200km south-east of Broome and between 100 and 150km south of Derby. Separately, there are advanced plans to pipe natural gas to shore close to both Broome and Derby and a large coal deposit is being developed immediately north of Derby Salt's tenements. Sirius believes that in addition to extracting salt and potash from the tenements, there is considerable potential in using the Derby Salt acreage to create salt caverns to store natural gas and potentially carbon dioxide. In addition to the placings undertaken earlier this year, the acquisition of AusPotash, as previously announced, has provided the Company with additional funding of $2m which, together, provides the Company with sufficient cash resources for its current programme. Reasons for the Acquisition The transaction provides Sirius with another wholly owned subsidiary company which the Directors of Sirius believe has major potential to establish a conventional salt and potash mining operation with additional opportunity to further the Group's related initiatives in Australia and North America. This purchase completes Sirius' current round of land acquisition. The Company now has well positioned acreage in Queensland, Western Australia and North Dakota, all of which is suitable for the Company's delineated areas of business: potash extraction, salt extraction and energy storage. Background on Sirius Sirius is quoted on the AIM market of the London Stock Exchange in London and its shares are also traded in North America through the use of an ADR facility. Sirius currently has interests in potash and salt caverns through its subsidiaries Dakota Salts LLC and Auspotash Limited. It also has copper and gold interests in Macedonia and a royalty interest in a tungsten mine in China. Richard Poulden, the Chairman of Sirius, commented:
in areas of the world where the directors believe there are significant growth opportunities. We believe that the demand for potash, salt and energy storage will increase worldwide and the acquisition of Derby Salt in Western Australia will complement our similar activities in North Dakota and Queensland." --Ends-- Enquiries welcomed, for further information please contact the Company: Sirius Exploration Plc Richard Poulden (Chairman) richard.poulden@siriusexploration.com +971 556 232 672 Jonathan Harrison (Financial Director) +44 78 7988 7755 Beaumont Cornish Roland Cornish (Chairman) Tel: 020 7628 3396 GTH Communications Limited Toby Hall/Christian Pickel +44 (0)20 7153 8039/8036 Websites: www.siriusexploration.com www.dakotasalts.com Sirius Exploration More |
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| 22-10-09 | RNS |
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For immediate release: 22 October 2009
Sirius Exploration announces that it was informed today that as at 21 October 2009 Barclays PLC no longer had a notifiable interest in the issued share capital of the Company.
ENDS Further Information:
Richard Poulden
richard.poulden@siriusexploration.com
Jonathan.harrison@siriusexploration.com
Beaumont Cornish
Gth media relations
Website: www.siriusexploration.com Sirius Exploration More |
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| 16-10-09 | RNS |
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For immediate release
HOLDING IN COMPANY
Sirius Exploration announces that it was informed today that, as at 14 October 2009, Barclays PLC, through Barclays Stockbrokers Ltd, hold 18,477,737 Ordinary Shares of 0.25p each in the Company, representing 5.05% of the total voting rights.
ENDS
For further information, please contact:
Jonathan Harrison
Richard Poulden
Roland Cornish
Toby Hall Sirius Exploration More |
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| 15-10-09 | AFX UK Focus |
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LONDON, Oct 15 (Reuters) - Sirius Exploration, a diversified mining and exploration holding company, said it agreed to buy privately held Adavale Holdings Pty Ltd in a share deal worth 19.5 million pounds ($31.2 million).
(julie.crust@thomsonreuters.com; +44 207 542 3847)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-10-09 | AFX UK Focus |
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LONDON, Oct 15 (Reuters) - Sirius Exploration Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-10-09 | RNS |
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For immediate release: 15 October 2009
Sirius Exploration Plc (AIM: SXX, OTC: SRUXY), the diversified mining and exploration holding company focused on North America and Australia, announces that it has agreed to acquire 100% of the ordinary shares in Adavale Holdings Pty Ltd ("Adavale") for 150,000,000 Sirius Ordinary Shares of 0.25p ("Ordinary Shares"). This consideration has been satisfied by Adavale's shareholders accepting 150,000,000 new Ordinary Shares in Sirius at a price of 13p per share. However, the acquisition of 19,691,667 shares in which Jonathan Harrison and Richard Poulden (the "Related Party Shares") are interested is subject to the passing of a resolution by Sirius in general meeting as further set out below. Therefore, Sirius has today issued 135,150,000 new Ordinary Shares to acquire 90.1% of Adavale and expects to complete the acquisition of the remainder in due course. Following completion of the transaction, Sirius will have an issued share capital of 498,655,150 Ordinary Shares. Application has been made for the 135,150,000 new ordinary shares, representing 27.1% of Sirius's enlarged issued share capital, which will rank pari passu with the existing ordinary shares, to be admitted to trading on AIM and trading is expected to commence on 21 October 2009. Information on Adavale Holdings Adavale, is a privately held Company incorporated in Queensland, Australia. It holds mineral exploration permits covering nearly 400 sqkm in the Adavale Basin in Queensland, allowing for the exploration and extraction of salt and potash and the creation of caverns for the storage of natural gas or potentially carbon dioxide. The two permit areas controlled by Adavale are the Listowel and the Alva. These were formerly held by Queensland Potash and were to be transferred to AusPotash Corporation ("AusPotash") in exchange for the issue of AusPotash shares, in the event that AusPotash met certain conditions. These conditions have not been met and accordingly it is open to Sirius to acquire the properties directly. Of the four Adavale permits which were originally controlled by Queensland Potash the Listowel and the Alva represent over sixty percent of the land area. This is important not only from the potential mineral deposits but also from the point of view of the size of the available storage area for Co2. Adavale has not traded and has published no Accounts. A 43-101 report which includes these properties and those held by AusPotash has been prepared and is available on the Company's website. Reasons for the Acquisition This completes Sirius acquisition of an area providing approximately 640sqkm of permits in the Adavale Basin. The permits are contiguous and cover the majority of the Boree salt deposit. Related Party Transaction Two directors of Sirius (Mr Richard Poulden and Mr Jonathan Harrison) have minority interests in Adavale and the acquisition of shares held by these interests will be subject to compliance with Section 190 of the Companies Act 2006 and with AIM Rule 13 concerning related party transactions. Therefore, Sirius will take the necessary steps to proceed with the acquisition of 19,691,667 Adavale shares in which respectively Mr Poulden and Mr Harrison have an interest which will include inter alia convening a general meeting of Sirius to approve the purchase of such shares. If and when that matter is taken forward, a further announcement will be made. For the moment Sirius will not proceed with these steps and the acquisition of Adavale will exclude the Related Party Shares. Background on Sirius Sirius is quoted on the AIM market of the London Stock Exchange in London and its shares are also traded in North America through the use of an ADR facility. Sirius currently has interests in potash and salt caverns through its subsidiaries Dakota Salts LLC and AusPotash Limited. It also has copper and gold interests in Macedonia and a royalty interest in a tungsten mine in China. Richard Poulden, the Chairman of Sirius, commented: "The Boree Salt member is currently recognised as Australia's largest recognised potash and salt deposit. To now control permits overlying some 640sqkm of the Boree Salt member provides significant commercial opportunities for the Group - not only from the perspective of straight salt mining but also from the perspective of using the land for Co2 sequestration or Co2 storage now that we own technologies in both of these areas."
Further Information:
Richard Poulden
Beaumont Cornish
Gth media relations
Website: www.siriusexploration.com Sirius Exploration More |
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| 13-10-09 | AFX UK Focus |
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LONDON, Oct 13 (Reuters) - Sirius Exploration Plc:
storage pty ltd (Queensland), Bicarb Sequestration Pty and Co2 Energy Storage Ltd (Nevada) USA ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 13-10-09 | RNS |
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For immediate release: 13 October 2009
Sirius Exploration Plc, (AIM: SXX, OTC: SRUXY), the diversified mining and exploration holding company focused on North America and Australia, announces that it has acquired 100% of the ordinary shares in and rights to patent applications of Co2 Energy Storage Pty Ltd (Queensland), Bicarb Sequestration Pty and Co2 Energy Storage Ltd (Nevada) USA (together "the Companies") for the issue of options granted by the Company over 2,550,000 Ordinary Shares which are exercisable at any time within the three years of issue at 17.5p per share. The acquisition includes a patent application put in place by the Companies owner, Walter Doyle, relating to the use of Co2 in energy storage. Information on the Companies The Companies are privately held in Queensland Australia and Nevada USA. The Companies have commenced initiatives in two main areas:
The Companies are currently working on a range of innovative approaches for both the storage of Co2 in salt caverns, as created by solution mining, and the sequestration of Co2 - whereby Co2 is effectively rendered inert - by directly injecting it into certain types of salt beds. This work is being undertaken with various Universities and research organisations in Australia and the USA.
The Companies are also working on an innovative new technology which takes the concept of CAES (Compressed Air Energy Storage) and revises it to use compressed Co2 rather than compressed air. Part of the acquisition includes a patent filed by Co2 Energy Storage Pty Ltd naming Walter Doyle as the inventor for the concept of using sequestrated Co2 in a dual salt cavern model for the storage of electricity. This not only provides greater power storage than conventional CAES but would also qualify for carbon credits for the sequestrated Co2. Reasons for the Acquisition The transaction provides Sirius with a new technology which can be used to expand the economic benefits of Sirius' salt deposits in Australia and North America. The Directors of Sirius believe that Co2 sequestration and storage is going to be one of the most important industries of the future. These acquisitions place Sirius firmly in the forefront of research in these industries and provide an important expansion route for the use of Sirius' existing assets. Background on Sirius Sirius is quoted on the AIM market of the London Stock Exchange in London and its shares are also traded in North America through the use of an ADR facility. Sirius currently has interests in potash and salt caverns through its subsidiaries Dakota Salts LLC and Auspotash Limited. Richard Poulden, the Chairman of Sirius, commented: "By 2050 carbon emissions must be cut by half yet energy demands are likely to increase. Salt caverns and salt beds offer the potential to provide a natural, and geologically sound, way for removing harmful carbon emissions from the earth's atmosphere. The acquisition of this group of companies not only provides us with an important technology base that will allow us potentially to extend significantly the commercial life-cycle of our own salt and potash properties, it also provides us with a technology that potentially can be licensed to third parties. We see this as a key strategic acquisition in the development of Sirius as a significant player in the salt and potash market."
ENDS Further Information: Richard Poulden
richard.poulden@siriusexploration.com
Jonathan.harrison@siriusexploration.com Beaumont Cornish
Gth media relations
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