Sirius Minerals PLC's open offer, part of a previously announced capital raising of about US$425 million, was oversubscribed.

The company said May 21 that it received acceptances for 100% of the 218,048,057 shares on offer.

Sirius had announced the raising, along with a US$400 million convertible note issue, as part of plans to raise US$3.8 billion to fund second-stage development of the Woodsmith potash project in the U.K.

JP Morgan Chase Bank NA London branch had agreed to provide a revolving credit facility of up to US$2.5 billion for the project.