London-listed Sirius Minerals is set to unveil a £2.5bn debt and equity fundraising tomorrow as it seeks to develop a potash mine in Yorkshire.
Sky News reported that Sirius is set to announce its largest equity-raising to date as part of a massive financing package.
The equity will be raised through a placing with existing shareholders, who include Australian mining magnate Gina Rinehart and major City institutions.
It is also expected to announce a debt package which could be worth $3bn (£2.3bn), although Sky sources warned this was yet to be finalised.
The project marks the first deep mine to be sunk in the UK for 40 years and has a completion target date of 2021.