Junior sulfate of potash producer SOPerior Fertilizer Corp., Toronto, Ont., reported on July 11 that it received a notice of default on June 29 from Lind Asset Management VII LLC, a fund managed by The Lind Partners LLC.
Lind’s default notice is requesting that SOPerior pay the principal and interest due and outstanding under a Convertible Security Funding Agreement (CSFA) dated Dec. 16, 2016, as amended.
SOPerior said its proposed JV partner, Argos Investment Partners, had informed the company that it was committed to remedying the default notice by a July 10 deadline, but failed to do so. As a result, SOPerior said it is currently in discussions with Lind and is exploring alternatives. SOPerior in 2021 (GM Dec. 10, 2021) entered into a joint venture agreement for its Blawn Mountain alunite asset in Beaver County, Utah, where it plans to produce SOP by mining and processing alunite-bearing rock. At the time, SOPerior said the proposed jv’s first phase commercial production facility and future expansion phases were to be constructed on the site of an existing copper processing operation, with initial project capacity estimates of over 70,000 mt/y of SOP, 140,000 mt/y alumina, and 150,000 mt/y of sulfuric acid.