(SHARECAST) – Potash explorer Sirius Minerals’ new finance director Andrew Lindsay has invested £99,000 in the company following his appointment.
Lindsay was appointed on the same day that Sirius announced its acquisition of York Potash. He was previously finance director of AIM-quoted European Nickel.
He has acquired 582,352 shares at an average share price of 17p. This gives him 0.07 percent of Sirius Minerals.
The company issued 150 million shares to acquire York Potash, which has mineral rights covering 600sq km onshore and offshore in the Whitby and Scarborough areas. Sirius Minerals will also repay a £176,000 loan. The main asset of the business is the agreements with major landowners in relation to mineral rights.
The mineral rights include potash and rock salt. There has been exploration in the past and large exploration targets have been identified. Management believes that there could be a significant potash resource in the form of polyhalite and potassium chloride.
York Potash’s founder Chris Fraser has become chief executive of Sirius Minerals.
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