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(SXX) Sirius Minerals Share Chat

Discussion in 'General Share Chat (SXX)' started by mart101, Jul 30, 2015.

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  1. GrumpyScouser

    GrumpyScouser Demi God of BlueShare

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    Very true...we will find out in due course. To be honest, if only 25% of that network become long term users, that's massive numbers.
     
    Richard Faraway likes this.
  2. Richard Faraway

    Richard Faraway A Legendary Member

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    Any comments on SP steadily tanking this week? Lack of short-term interest, shorts manipulating? Something about the finance deal spooking SHs?
     
  3. GrumpyScouser

    GrumpyScouser Demi God of BlueShare

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    I just get the feeling that its a combination of nervous PI's and shorts maximising their returns. When you see the relationship between JPM and HCM its not really surprising. Likewise, I guess that when HCM start closing their short position it could be an indicator that there is knowledge of what is about to happen (I'm just a cynic!)

    Nothing negative appears to be happening in the real world with the project (or it would surely have been announced?).

    For me its just frustrating...but I still added this week bringing my average now to under 20p, so I will be far happier about taking out some profits on the next rise (assuming, for balance, that there is one lol)

    Time will tell.
    ATB
    GS
     
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  4. Groucho

    Groucho Member

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    upload_2019-6-21_10-15-23.png
     

    Attached Files:

  5. Richard Faraway

    Richard Faraway A Legendary Member

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    Comforting article, thanks Groucho. It is tempting to buy more and average down. In my case, I could knock spots off my average sp for a modest purchase at these prices, but that would make me very overweighted in SXX. Anybody else buying at this level?
    ATB
    Richard
     
    JJ15 likes this.
  6. magpies1862

    magpies1862 " Joy No More !!"

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  7. Timeshare

    Timeshare A Legendary Member

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    I have been in Sirius since 2014 & have added till I am very overweight in this share with an average of 21p. Am I a little concerned?-yes-but who would not be as somethings such as the build, further dilution & not getting the bonds away are possible.
    I feel that problems re build & dilution as previously shown are real but I feel confident that the bonds unlocking the RCF will get away. This will then with the contingency it will mean any problems (if) with the build & dilution will hopefully be covered.
    Would I buy further at this price-yes- especially if I could lower my average appreciably. Unfortunately with the amount I have invested I would not make any real difference to my average unless I went completely over the top in my investment so I will not buy anymore.
    Do I think the shares will be somewhat higher than my average in the next 2/3 years-definitely-so I will hold.
     
    Viking, JJ15, avalanche359 and 3 others like this.
  8. Berwick

    Berwick Demi God of BlueShare

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    Nice 3 minute report shown on BBC Look North East tonight on the progress drilling the tunnel. Very impressive.

    B
     
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  9. Viking

    Viking Demi God of BlueShare

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  10. Viking

    Viking Demi God of BlueShare

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    New. Jupiter - possible FTSE 100 in 5 years.



    Jupiter.. no snooker jokes please.:rolleyes:

     
    Last edited: Jun 25, 2019
  11. Groucho

    Groucho Member

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    Sirius Minerals capital raises have not been positive for shareholders on a simple per share basis, so what’s next?
    12:05 27 Jun 2019
    “Given the aggressive sell-off in the Sirius Minerals share price since April, any negative updates are likely to be met with further declines, but if the stock can hold above the 13p mark, it would be well positioned to claw back some of the recent losses"

    DC1250F9-CA50-4542-B546-83179058D79E.jpeg

    Sirius Minerals PLC (LON:SXX) has made significant corporate and operational strides during 2019 but the UK mine developer’s actions have not been positive for shareholders – not, at least, on a simple per share basis.

    The substantial project funding undertaken in recent months – selling around US$1.14bn of equity and convertible debt - dealt heavy dilution to the smaller, retail, longer term investors that have backed the company since it was only an ambitious explorer.

    For context, the company is now near to closing some US$3bn of senior debt financing in the coming months, and, in doing so, Sirius will bring itself to the cusp of delivering a ‘world class’ scale mining operation.

    Setting aside this mining sector specific achievement, it is especially notable that it will also mark the completion of one of Britain’s largest engineering and infrastructure projects for decades – which is all the more impressive given that it is funded by the private sector and delivered by a pre-revenue ‘growth company’.

    Nevertheless, a simplistic look only at the price of a single share in the company indicates this has been a less than fruitful period for longstanding investors in Sirius.

    At the current price of 14.18p Sirius has a market value of almost £1bn (£993.9mln to be precise).

    The price of a single share has, however, fallen by just over 33% to date in 2019.

    What lies ahead
    It is perhaps unsurprising that stock watchers like CMC Market analyst David Madden are now wondering what lays ahead for Sirius and its long tail of private ‘retail’ investors.

    Posing the question “can the company claw back heavy losses”, Madden acknowledged that the financing was crucial to the existence and expansion of the company, and that management has been “caught in a tight position”,

    “Now that the capital question has been answered, the onus is on Sirius to continue development in Yorkshire,” Madden said in a note.

    “Given the aggressive sell-off in the Sirius Minerals share price since April, any negative updates are likely to be met with further declines, but if the stock can hold above the 13p mark, it would be well positioned to claw back some of the recent losses.”

    Madden also pointed to a more specialised expert view, highlighting that mining sector analysts at Credit Suisse recently upgraded their stance on Sirius to ‘outperform’ from ‘neutral’.

    “The bank noted that traditionally the consensus estimates were above the company’s forecasts, and therefore expectations were high,” the CMC analyst added.

    “Now the Swiss finance house feels that analysts’ predictions are in line with the group’s guidance, and Credit Suisse believes Sirius are more likely to top forecasts.”

    Evidently, Madden went some way to answering his own question, and, indeed, the expert prognosis appears quite positive.

    It is plain to see that Sirius has and continues to make substantial progress and it is clear that substantial value is being created.

    The important questions left to answer is how quickly will the operational progress translate into revenue and profitability, and, who is best placed to benefit as the company makes its transition to large scale producer.

    https://www.proactiveinvestors.co.u...ple-per-share-basis-so-whats-next-222950.html
     
  12. Viking

    Viking Demi God of BlueShare

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    27 June 2019 | STRABAG United Kingdom
    STRABAG commences expanded € 1 bn contract for polyhalite mine in the UK

    • A further 24 km of mechanised tunnelling and construction of 37 km underground mineral transport system
    • Start of construction for Drives 2 + 3 in late June 2019
    • Mining of world’s largest polyhalite deposit at Woodsmith Mine near Whitby in North Yorkshire, England, from 2021
    Vienna, 27 June 2019 The European construction group STRABAG SE has been issued a notice of commencement to begin two further tunnel construction contracts (Drives 2 and 3) on behalf of York Potash Ltd. for its North Yorkshire Polyhalite Project. The two drives between the shaft at Lockwood Beck and the Woodsmith Mine will have a total length of 24 km and a depth of 360 m.


    STRABAG had already commenced the design-and-build contract for Drive 1, a 13 km section from the tunnel portal at Wilton to Lockwood Beck in the first quarter of 2018. The total amount commenced to date is about €1.0 bn from the contract awarded to STRABAG, which also includes the construction of the underground material transport system, the contract for which will commence later this year.

    Thomas Birtel, CEO of STRABAG SE: “We are proud of the commencement of the extensive tunnelling contracts for Drives 2 and 3 and expect to continue working well with the customer. Sirius Minerals and STRABAG have partnered to find efficient solutions to the project’s technical requirements. This contract also proves that, despite the unclear Brexit situation, significant investments in the UK are still being made and we were right in our decision to continue to see this market as a European market.”

    Underground mineral transport system: facts & figures
    Polyhalite is a mineral which naturally contains four nutrients required for plant growth. Sirius Minerals, the parent company of York Potash Ltd., will extract and sell it as multi-nutrient fertilizer product POLY4. The Woodsmith Mine, located beneath a national park near Whitby in northeast England, is home to the largest polyhalite deposit in the world. The 37-km-long tunnel and conveyor system will be used to transport the mined polyhalite to Wilton, Teesside, for further processing in an environmentally sound manner.

    STRABAG will engineer, procure and construct the fit-out of the mineral transport system, which is designed to handle a throughput of up to 20 million t a year. The tunnel will also contain maintenance rail and services, including a 66 kV power feeder from the Wilton industrial complex to the Woodsmith Mine. The tunnelling scope also includes the construction of the two launch caverns for the tunnel boring machines at Lockwood Beck and the Woodsmith Mine. Following the contract award for Drives 2 + 3 in September 2018 and the recent launch of Sirius Minerals’ Stage 2 Financing, work scope of the Drives 2 + 3 will begin shortly.

    Since site mobilisation in May 2018, the STRABAG team has already carried out a large number of infrastructural works in preparation of the arrival, assembly and commissioning of the first of a total of three tunnel boring machines. The first machine, weighing 1,775 t with a width of 6 m, was christened “Stella Rose” and officially launched on 12 April. The work completed so far covers 90 % of the planning services, a 300 m long tunnel ramp, a short start tunnel built using the sequential excavation method, and a production and storage facility for the tunnel lining segments.

    More information, photos and videos about the North Yorkshire Polyhalite project are available at www.siriusminerals.com.

    STRABAG SE is a European-based technology partner for construction services, a leader in innovation and financial strength. Our services span all areas of the construction industry and cover the entire construction value chain. We create added value for our clients by our specialised entities integrating the most diverse services and assuming responsibility for them. We bring together people, materials and machinery at the right place and at the right time in order to realise even complex construction projects – on schedule, of the highest quality and at the best price. The hard work and dedication of our more than 75,000 employees allow us to generate an annual output volume of around € 16 billion. At the same time, a dense network of numerous subsidiaries in many European countries and on other continents is helping to expand our area of operation far beyond the borders of Austria and Germany. More information is available at strabag.com.

    Sirius Minerals Plc is focused on bringing large scale volumes of POLY4 to the global agriculture industry. POLY4 is the Company's trademarked name for its unique multi-nutrient fertilizer to be produced from the world's largest and highest grade polyhalite deposit located in North Yorkshire, United Kingdom, which can be used to increase balanced fertilization around the world. Sirius Minerals' shares are traded on the Premium List of the London Stock Exchange. Its shares are also traded in the United States on the OTCQX through a sponsored ADR facility. Further information on the Company can be found at: www.siriusminerals.com.
     
  13. Groucho

    Groucho Member

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  14. Viking

    Viking Demi God of BlueShare

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    Beware!!

    Mrs Viking has just informed me that her and her twin are heading for Whitby in August.
    As it has an historic link to vampires I knew it would only a matter of time before she got home sick.

    God help the locals :eek:
     
  15. JJ15

    JJ15 Member

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    Q2 2019 Progress Update

    https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SXX/14132367.html

    RNS Number : 1115E
    Sirius Minerals plc
    02 July 2019


    2 July 2019


    Sirius Minerals Plc

    Q2 progress update

    § Comprehensive US$3.8 billion funding solution for stage 2 financing requirements launched on 30 April 2019 and on-track to complete before the end of September 2019

    § Successful completion of US$425 million equity offering and US$400 million convertible bond offering

    § Long-term, take-or-pay supply agreement signed with IFFCO, one of the largest co-operative societies in the world, for volumes increasing to 1 Mtpa POLY4

    § Construction advancing well, and the Company remains on target to achieve first polyhalite and commercial production on time and in line with its cost schedule


    Sirius Minerals Plc ("Sirius" or the "Company") provides its latest quarterly progress update.

    Chris Fraser, Managing Director and CEO of Sirius, commented:

    "The successful raising of US$825 million of funding during the quarter marked the completion of the first part of our stage 2 financing. We are making good progress with the remaining components of our stage 2 financing package, which we expect to complete by the end of September this year in line with guidance, and which will enable us to bring our multi-nutrient POLY4 product to our customers to meet the expanding needs of the global agriculture industry."

    Safety

    The Project's Lost Time Injury Frequency Rate ("LTIFR") stands at 2.35. The LTIFR is a measure of lost time incidents per million man-hours on a twelve-month rolling average basis.

    Stage 2 financing

    On 1 May 2019, the Company announced that it had successfully raised gross proceeds of approximately US$825 million as part of the US$3.8 billion stage 2 financing package announced on 30 April 2019, expected to fund the Project to the point at which it generates positive operating cash flows. The US$825 million was raised through a Firm Placing and Placing and Open Offer of ordinary shares for US$425 million (£327 million) and through an offering of guaranteed convertible bonds due 2027 (the "New Convertible Bonds") for new gross proceeds of US$400 million.

    The Company placed US$106.6 million in aggregate principal amount of the New Convertible Bonds with holders of the Company's outstanding US$244 million of Guaranteed Convertible Bonds due 2023 by way of a repurchase. No new proceeds were received by the Company in connection with the repurchase.

    The net proceeds of the New Convertible Bonds have been placed in an escrow account and will be released to the Company upon the issuance of US$500 million senior secured guaranteed bonds (the "Initial Bonds") (or another acceptable US$500 million debt financing) and entry into the proposed US$2.5 billion revolving credit facility with JP Morgan Chase Bank N.A., London Branch (the "RCF"), expected to occur no later than the end of September 2019. The net proceeds received pursuant to the Firm Placing and Placing and Open Offer provide the Company with sufficient cash to progress the Project in line with key milestones to the end of September 2019.

    The Company is making good progress on all workstreams connected with the proposed US$500 million issuance of Initial Bonds and entry into the proposed US$2.5 billion RCF, which will together complete the Company's stage 2 financing.

    Construction progress

    The Company remains on track to achieve first polyhalite in 2021 and in line with its cost schedule. Construction continues to progress in line with key milestones at each of its construction sites.

    Service and production shafts

    Service shaft works are on target to complete the construction of the foreshafts by year end to enable commencement of excavation of the main shaft using the shaft boring roadheader ("SBR"). The Company's first SBR recently passed its Factory Acceptance Test and is due to commence arrival at the Woodsmith Mine site in August 2019. The SBR will then be erected on-site. Assembly of the SBR and installation into the foreshaft is scheduled to be completed in December 2019.

    The excavation of the 35-metre diameter service shaft foreshaft to 45 metres was completed in the first quarter of 2019, enabling commencement of the excavation of the inner-main shaft, which will be excavated to a total depth of approximately 120 metres. The main shaft has now been excavated to approximately 85 metres below ground level, using conventional excavation techniques.

    The service shaft temporary winder building foundations have been completed. Erection of the temporary and permanent winder buildings, which will house the service shaft hoists, and installation of the temporary and permanent winders is in progress and on schedule.

    Production shaft works are on target to complete the construction of the foreshaft and excavation of the main shaft to 120 metres by year end. The 32-metre diameter production shaft foreshaft, which will be excavated to a depth of 45 metres from surface, has been excavated to approximately 9 metres below ground level at quarter end.

    The production shaft differs from the service shaft in that it already has diaphragm walls installed to a depth of 120 metres in the inner-main shaft. Once the larger diameter foreshaft has been excavated to a depth of 45 metres and the floor installed, the inner-main shafts will be excavated to a depth of 120 metres using conventional methods inside the existing diaphragm walls. This is expected to be completed in December 2019. The SBR for the production shaft is due to commence arriving on-site in October 2019. The SBR for the production shaft is currently erected in Germany and will be undertaking various cutting optimisation tests prior to being dismantled and shipped to the Woodsmith Mine.

    The application of considerable learnings from the service shaft excavation has meant that the production shaft excavations are progressing at a faster-than-expected rate and excavation is on track to meet 2019 targets.

    Construction of the production shaft permanent winder building foundations is underway and is progressing ahead of schedule.

    Mineral Transport System

    MTS Drive 1 - Wilton to Lockwood Beck

    The tunnel boring machine ("TBM") being used to construct Drive 1 of the mineral transport system ("MTS") completed its advance to the bottom of the MTS launch portal during the quarter and has successfully commenced mechanical tunnelling. At quarter end, the TBM has advanced approximately 210 metres into the MTS tunnel, which is ahead of schedule. The TBM is progressing on target to advance the MTS tunnel excavation to 3km by year end.

    MTS Drive 2 - Lockwood Beck towards Woodsmith Mine

    The Lockwood Beck MTS shaft pre-sink is well underway and had reached a depth of approximately 37 metres below ground level at quarter end. The pre-sink will continue to approximately 47 metres to enable installation of the Galloway (the multi-level working platform that will be suspended near the shaft bottom during sinking and raised and lowered as required to allow conventional drill and blast sinking to continue to the final depth of the shaft). Drill and blast operations are expected to commence during the year.

    The Lockwood Beck shaft is scheduled to reach its target depth of 360 metres in the first quarter of 2020. Once complete, shaft bottom works will be undertaken prior to the shaft being handed over from DMC to STRABAG to begin construction of the launch cavern for the Drive 2 TBM at the 360-metre level.

    MTS Drive 3 - Woodsmith Mine towards Lockwood Beck

    The first approximately 115 metres of the MTS shaft excavation has been completed during the quarter using a Herrenknecht vertical sinking machine ("VSM"). The VSM has been removed from the shaft and preparation for the installation of the drill and blast Galloway is underway.

    Civil works for the MTS winder building is complete and building erection is about to commence. The drill and blast Galloway is on site and under construction and delivery of steelwork has commenced.

    Materials Handling Facility

    Granulation trials for the materials handling facility ("MHF") test plant, including yield and efficiency optimisation, have been successfully completed during the quarter at the Company's R&D facility in Teesside. The test plant has now been decommissioned in preparation for conversion to a full R&D demonstration plant to be commissioned during the year.

    Port Handling Facility

    Procurement of the overland conveyor that will transport our POLY4 product from the MHF to the port, was completed during the quarter. The cost of the contract is in line with the Company's existing cost estimates. Site clearance continues at the Redcar Bulk Terminal site and good progress is being made.

    Sales and marketing

    During the quarter the Company signed a take-or-pay supply agreement with Indian Farmers Fertilisers Cooperative Limited ("IFFCO") for the supply of POLY4 in India. Volumes under the agreement will increase to one million tonnes per annum ("Mtpa") in year eight, with an option to increase this to 1.25 Mtpa. The IFFCO agreement takes the Company's total peak aggregate volumes under contract to 11.7 Mtpa.

    IFFCO is one of the largest co-operative societies in the world with access to over 55 million Indian farmers. The agreement provides access to one of the top three fertilizer markets in the world with a total nutrient consumption of approximately 30 Mtpa.

    During the quarter the Company initiated 29 new agronomy trials with a total of 48 trials initiated in 2019 to date. The total number of trials established by the Company now stands at 430 on 48 crops in 30 different countries. The Company has continued to establish a significant number of on-farm demonstrations with a number of its offtake partners' key and sizeable customers. The programme of on-farm demonstrations is expected to show to future end-users of POLY4 the benefits of incorporating POLY4 into their fertilizer programmes.

    Investor webcast

    Sirius Mineral's Chief Executive Officer, Chris Fraser will host a webcast for investors and analysts at 9.30am today.

    The webcast can be listened to live by clicking on the link below. A replay will be available on the Company's website in due course.

    https://event.on24.com/wcc/r/2042922-1/ECCB108F549528595526DCD6A2553BBC?partnerref=rss-events
     
  16. Graham Hacker

    Graham Hacker Moderator Moderator

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  17. Eureka1963

    Eureka1963 Demi God of BlueShare

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    1. Exchange Price Reset
    https://www.rns-pdf.londonstockexchange.com/rns/7349Z_1-2019-5-21.pdf
    {pg. 67}

    My calculation (25 May 2020 Exchange Price Reset) indicates that there would need to be an “Average Market Price”* of £0.1199 to trigger a conversion price reset to $0.1954


    upload_2019-7-13_10-40-0.png

    CONVERTIBLE BOND OFFERING CIRCULAR
    (d) Exchange Price Reset
    {pg. 67}
    On 25 May 2020 (the “Reset Date”) the Exchange Price will be adjusted (but only if the Exchange Price so adjusted is lower than the then prevailing Exchange Price) to be equal to the Reset Exchange Price determined in accordance with the following formula:

    Max [Average Market Price x (1+Initial Exchange Premium), MREP]

    Where:
    *“Average Market Price” means the arithmetic average of the USD VWAP on each dealing day in the period of 30 consecutive dealing days ending on (and including) the dealing day immediately preceding the Reset Date.

    “Initial Exchange Premium” means 25 per cent.

    “USD VWAP” means the Volume Weighted Average Price of an Ordinary Share on such dealing day (translated into U.S. dollars at the rate of GBP 0.7676; U.S.$1.00).

    “MREP” means, as at the Closing Date, U.S.$0.1954, subject to adjustment from time to time on an equivalent basis to any adjustment made to the Exchange Price pursuant to Condition 6(b).

    Any adjustment to the Exchange Price pursuant to this Condition 6(d) shall become effective as of the Reset Date.

    Q1. Can you confirm that the calculations are correct, or offer a correction where necessary?

    IR: Due to the volume of requests we are unable to comment on individual shareholder calculations or models.



    2. Bond Conversion 2027

    The following shares to bond conversion takes into account the June 3rd four conversions RNS (21 Non-Escrow bonds) and accounts for the total remaining 2,512 Bonds & Non-Escrow Bonds 2027.

    upload_2019-7-13_10-43-5.png
    It is my understanding that there are 2512 ($200,000) Bonds that will, depending on the Exchange Price Reset, convert with either:
    a) Conversion Price $0.2443 = 818,665.5751 Shares/Bond, or
    b) Conversion Price $0.1954 = 1,023,541.4534 Shares/Bond

    [Note 1: enlarged share capital of the Company as on 1 July 2019 will be 7,006,279,248 incl. EBT.]
    [Note 2: 2023 Convertible Bond balance of unallotted securities 793,888,095]

    Q2. Can you confirm that if the Exchange Price Reset is to $0.1954 that my 'Additional Shares 2027' calculation is correct, or offer a correction where necessary?

    IR: Due to the volume of requests we are unable to comment on individual shareholder calculations or models.


    Comment:
    The Exchange Price Reset mechanism offers holders of the 2027 Convertible Bonds an incentive to short Sirius Minerals with a view to achieving an “Average Market Price” of, based on my calculations, £0.12.

    If this were to be achieved then each of the 2,512 Bonds 2027 would, on conversion, increase the share issuance by c.205,000 per bond, or c.0.5Bn in total.

    This calculation could explain the reduction in short activity from Non-Bond holders as there is limited downside from the current share price, and perhaps those Non-Bond holders that were shorting the Company have accepted Stage 2 funding will be formalised in due course and in line with Company guidance.

    Shareholders will not want this Exchange Price Reset to initiate as this will further dilute an already heavily diluted share. Clearly the appreciation of the share price decreases that possibility.

    Once the Initial Bonds have been issued and as the Project progresses this will attract further institutional investment and act to negate the initiation of the Exchange Price Reset mechanism in May 2020.

    There is also the possibility that institutions that lend shares that are used to short the Company could recall these over that period and it should be accepted (after recent events) those continuing to short will be wary of this.
     
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  18. Groucho

    Groucho Member

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    19 July 2019


    Sirius Minerals Plc

    Proposed US$500 million senior secured notes offering

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR WITHIN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN.

    Sirius Minerals Plc (the "Company" and, together with its consolidated subsidiaries, the "Group") announces an intention to offer US$500 million in aggregate principal amount of senior secured notes due 2027 (the "Notes") as part of the Group's previously announced Stage 2 Financing. The Notes will be issued by York Potash Intermediate Holdings plc (the "Issuer"), a public limited company incorporated under the laws of England and Wales and an indirect, wholly owned subsidiary of the Company

    The proceeds of the offering will be used, together with proceeds from the other elements of the Stage 2 Financing, to fund the construction and development of a polyhalite mine, located in North Yorkshire in the United Kingdom (the "Project") in line with Project milestones to the point at which the Project generates positive operating cash flows.

    The Notes will be senior secured obligations of the Issuer and will rank pari passu in right of payment to all of the Issuer's existing and future senior indebtedness. The Notes will initially be guaranteed on a senior secured basis by York Potash Holdings Limited, the direct parent of the Issuer, and York Potash Ltd. and York Potash Processing & Ports Limited, subsidiaries of the Issuer, and on a senior unsecured basis by the Company. The proceeds of the Notes will initially be deposited into an escrow account, with the release of the proceeds from escrow subject to the satisfaction of certain conditions.
     
  19. Richard Faraway

    Richard Faraway A Legendary Member

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    Thanks Groucho. Unsure if this is good, expected, or bad news. Opinions would be welcome.

    ATB
    Richard
     
  20. Groucho

    Groucho Member

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