PERTH (miningweekly.com) – Brazil-focused fertiliser developer Aguia Resources has raised C$10.8-million through a share placement to institutional and sophisticated investors to complete a bankable feasibility study on its Tres Estradas phosphate project.
The placement was priced at C$0.40 a unit, which consisted of one ordinary share and one-half of one ordinary share purchase warrant. Each warrant entitled the holder to purchase an additional share at a price of C$0.65 a share for a period of three years after their date of issue.
ASX-listed Aguia on Monday noted that the placement had been targeted at North American investors; however, had also remained open to Australian investors.
The company previously received conditional approval for a secondary listing on the TSX-V, with Aguia agreeing to meet a number of conditions for this listing, including completing a financing of C$8-million to provide sufficient funding to execute on its development plans for the next 18 months.
MD Justin Reid told shareholders that with the TSX-V funding condition now met, the company was looking forward to completing the listing and starting share trading in Toronto.
Funds from the raising will also be used to complete the Canadian public listing.
“In the ASX and TSX-V we now have access to two of the most mature and sophisticated mining investment communities and we believe Aguia's story will really resonate with the North American market,” said company chairperson Paul Pint.
“Fertilisers and agribusiness more broadly are well understood in North America and we believe that the dual listing will provide a lot of momentum for Aguia as we move through the final stages of our bankable feasibility study and get closer to construction and production.”