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Sirius Minerals Cash Position – Just do the maths – Share Placing ahead DESPITE RNS denials

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- Tom Winnifrith

I seem to have rather riled Sirius Minerals (LSE:SXX ) with a suggestion last week that it urgently need to issue equity. The company has issued a statement today which says that “ The Directors of Sirius Minerals Plc, the globally diversified potash development group, would like to correct current misinformation about the Company’s financing plans for the York Potash Project. As at 31 January 2013, the Company had a cash balance of GBP24 million and no immediate plans for a placement of shares.

The development of the world-class York Potash Project will require multiple financings and these will be carried out when required, when opportunities present themselves and always with the best value to shareholders in mind.”

Ooooh er missus. Whatever you say.

Now let’s look at the facts.

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