CORRECT: Sirius Exploration FY10 Loss Widens Significantly

23rd Jul 2010 09:48

("Sirius Exploration FY10 Loss Widens Significantly, Skips Dividend," at 0640 GMT, incorrectly suggested in the headline and first paragraph that the company normally pays a dividend and decided not to. The correct version follows:) LONDON (Dow Jones)--Sirius Exploration PLC (SXX.LN), a mining and exploration holding company focused on potash and salt deposits in North America and Australia, said Friday its pretax loss for fiscal 2010 widened significantly. MAIN FACTS: -Revenue for the year ended March 31 nil (2009: nil) -Pretax loss GBP3.8 million (2009: loss GBP538,926) -Diluted loss per share 1 pence (2009: loss 0.5 pence) -Operating loss GBP3.8 million (2009: loss GBP534,199) -Directors don't recommend a payment of a dividend for the year (2009: nil). -Cash and cash equivalents GBP1.8 million (2009: GBP8,553) -Intangible assets increased to GBP54.3 million from GBP1.2 million -Intend to become a significant potash producer as quickly as possible; Additional capital will be needed to be raised to develop these opportunities and discussions with strategic and other investors will continue to ensure fundraising initiatives are optimized. -Shares on Thursday closed at 2.5 pence, valuing the company at GBP16.6 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 23, 2010 04:48 ET (08:48 GMT)