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TOP NEWS: Sirius Minerals Withdraws USD500 Million Notes Offer

Tue, 6th Aug 2019 08:26

(Alliance News) - Sirius Minerals PLC said on Tuesday it has "suspended" a USD500.0 million secured notes offering due to "current market conditions".

Shares in the company were down 30% at 10.15 pence each in London on Monday morning, making it easily the worst FTSE 250 performer.

Sirius announced the debt offering in July to secure funding for its Woodsmith polyhalite mine in Yorkshire, and it was part of the second stage of financing for construction and development of the project.

Sirius initially hoped to have the financing in place by the end of September.

The other parts of the stage-two fundraising plan included a USD425.0 million equity raise, which was completed at a 32% discount, as well as USD400.0 million of bonds, which also has been completed.

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