Editor's Pick: Markets: The week that was (16-20/11/09)
(SXX.L) Sirius Exploration PLC Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 16-11-09 | 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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| 14:51 | ||||
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bomber the firm i am with have 4 season tickets if sxx reaches £1 iwill take you;)
------------------------------------------------------------------------------- Thanks outillion though I think the season might be over before we reach £1 More | View thread (5) | Respond | Login to Vote up | Login to Vote down |
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| 14:14 | ||||
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Im sure this has been referenced before by the serious posters on this board but anyway, Auspotash show the estmate for setting up their pilot plant here on page 16. circa $20m. They detail their business plan and market, makes interesting reading.
http://www.auspotash.com/files/AusPotash-CorporatePresentation.pdf More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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| 13:50 | ||||
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Good stuff TT - good to see someone focussing on the SWOT's of starting the extraction.
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| 13:30 | ||||
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Skinzman,
Check out Gavsters post here which will give you a good read as he answers questions raised by others. Particularly relevant to your question is the bit about TSX listing. If you want more detail just check out Gavsters other posts. http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3ASXX.L&threshold=0&it=le&action=detail&id=5610624 More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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They have not been approved or issued by Interactive Investor Trading Limited.
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