Sirius Exploration: Issue of Equity in connection with increasing s... | Company Announcements

Monday 11 January, 2010

Sirius Exploration

Issue of Equity in connection with increasing s...



For immediate release: 11 January 2010

                                            Sirius Exploration PLC

                                          ("Sirius" or the "Company")

                 Issue of Equity in connection with increasing stake in AusPotash Corporation

Further  to the announcements made on 15 September, 22 September and 29 September 2009, Sirius (AIM: SXX,  OTC:
SRUXY)  announces that it has entered into an escrow agreement with three shareholders of Auspotash Corporation
and  has,  consequently,  completed the acquisition today of a further 1,295,254  common  shares  of  AusPotash
Corporation,  representing  2.32  per  cent  of the issued and outstanding  common  shares  of  AusPotash  (the
"Transaction"). The consideration for the Transaction is the issue of 2,590,508 new Sirius Ordinary  Shares  of
0.25p ("Ordinary Shares"). As a result of the Transaction, Sirius now has an interest of 71.15% of AusPotash.

The  acquisition  was  contemplated in the amended and restated lock-up agreement executed  with  Auspotash  on
September  29,  2009, which agreement permitted the acquisition of certain shares of Auspotash subject  to  the
resolution  of certain Canadian tax matters.  Such tax matters are being resolved by placing 25% of the  issued
shares,  being 647,627 Ordinary Shares, into escrow until such time as the vending shareholders have  paid  the
requisite  Canadian  tax. Once this has been done these Ordinary Shares will be released  from  escrow  to  the
AusPotash shareholders.

Further  to  this transaction 16,097,327 common shares of AusPotash remain to be purchased by  Sirius  and  the
Company will notify the market when these are completed in due course.

Application has been made for the 2,590,508 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
18 January 2010.

Following  the issue of the new Ordinary Shares as set out above, the total number of shares in issue  will  be
628,118,678.

- Ends -

Contacts:

Richard Poulden

Chairman, Sirius Exploration Plc.                 Tel: +971 504 524 994
                                                  richard.poulden@siriusexploration.com

Beaumont Cornish

Roland Cornish                                    Tel:  +44 (0)20 7628 3396

Gth media relations

Toby Hall                                         Tel: +44 (0)20 7153 8039

Christian Pickel                                  Tel: +44 (0)20 7153 8036

Website: www.siriusexploration.com

Sirius Exploration Plc

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