22 Sep 2015 07:00
22 September 2015
Sirius Minerals Plc
Infrastructure UK prequalification
The Directors of Sirius Minerals PLC (AIM: SXX, OTCQX: SRUXY) ("Sirius Minerals" or the "Company") announce that the Company has received prequalification status from Infrastructure UK ("IUK").
The Company has been in discussions with IUK for some time regarding the likely requirements of its planned second phase financing and prequalification. IUK is a unit within Her Majesty's Treasury ("HMT") and the prequalification is for consideration of a HMT guarantee in relation to the York Potash Project ("the Project"). The receipt of prequalification status does not constitute an offer of financing or an underwriting commitment by IUK. The Company expects IUK to undertake detailed technical, legal and commercial due diligence in parallel with other senior debt investors, at the relevant time during 2016.
If an HMT guarantee was obtained it could provide valuable liquidity for the financing of the Project, alongside senior debt from the bank or debt capital markets and any support from Government backed credit agencies.
An HMT guarantee would be expected to follow a similar form to others placed in the market to date by IUK under The UK Guarantees Scheme; an unconditional and irrevocable financial guarantee of the scheduled principal and interest and consistent with European Commission's Notice (2008/C 155/02) on state guarantees. A standard form guarantee can be reviewed on the HMT website.
Chris Fraser, Managing Director and CEO of Sirius, comments:
"The York Potash Project is a nationally significant proposal underpinned by a robust business model, so it aligns well with the IUK criteria. Prequalification is an important step forward for this element of our overall financing strategy, which we continue to progress rapidly."
For further information, please contact:
Sirius Minerals Plc Investor Relations
|
Email: ir@siriusminerals.com |
Tel: +44 845 524 0247 |
Joint Brokers Liberum Capital Limited |
Clayton Bush |
Tel: +44 20 3100 2222 |
Macquarie Capital (Europe) Limited (NOMAD) | Ken Fleming, Nick Harland, Nick Stamp | Tel: +44 20 3037 2000 |
WH Ireland
| Adrian Hadden | Tel: +44 20 7220 1666 |
Media Enquiries Tavistock | Jos Simson, Mike Bartlett, Emily Fenton | Tel: +44 20 7920 3150 |
Warrant Trading Enquiries Liberum Capital Limited |
Simon Smith |
Tel: +44 20 3100 2171 |
About Sirius Minerals Plc
Sirius Minerals is the fertilizer development company focused on the development of the York Potash Project in the United Kingdom, which has the world's largest and highest grade deposit of polyhalite, a multi-nutrient form of potash containing potassium, sulphur, magnesium and calcium. Incorporated in 2003, Sirius Minerals' shares are traded on the London Stock Exchange's AIM market. 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.