LONDON (Alliance News) - Shares in fertiliser firm Sirius Minerals PLC rose early Tuesday as it said it is exploring an alternative financing agreement for its massive Yorkshire mine.
Shares were up 7.5% on Tuesday in early trade at 19.30 pence each.
Sirius, a FTSE 250 member, is developing the Woodsmith polyhalite fertiliser mine near Whitby.
It is currently looking at securing stage two financing for the development project, having pursued senior debt financing with a group of possible lenders since 2016.
However, it has now received a "conditional" approach from a "major global financial institution" over an alternative proposal, though it is still a senior debt facility.
"The company believes the alternative proposal potentially offers a more flexible and attractive solution to its stage two financing requirements and therefore it is pausing discussions with its existing prospective lenders to pursue the alternative proposal," said Sirius.
Sirius is working towards getting a firm commitment from the prospective lender, and hopes to have that done by the end of April.