ATOME PLC (AIM:ATOM), the low-carbon fertiliser developer, says negotiations with an equity consortium over funding for its $650 million Villeta plant in Paraguay have reached their final stages.
The company says definitive documentation is being finalised by legal counsel for each party involved in the deal.
ATOME has extended the longstop date for the funding agreement by one week to 17 April, a deadline that coincides with the International Monetary Fund (IMF) and World Bank Group Spring Meetings in Washington, D.C.
The company says representatives of all equity and debt participants in the Villeta project are expected to be present at those meetings, which run from 16 to 18 April.
A further announcement is expected at or shortly after the conclusion of the Spring Meetings.
The Villeta plant, located in central Paraguay, is designed to produce 260,000 tonnes of low-carbon fertiliser per year and is Atome's flagship development project.
ATOME describes itself as the UK's only dedicated international industrial-scale low-carbon fertiliser company, targeting demand from agricultural markets seeking to reduce the carbon intensity of food production.