TORONTO (miningweekly.com) – Toronto-listed MBAC Fertilizer has closed a $34.5-million equity financing, including the full amount of the overallotment option.
The company had issued 10.14-million common shares, including those issued in the exercise of the overallotment option, sold at a price of $3.40 a share.
The net proceeds of the financing would be used for the completion of the Itafós phosphate project and development of the Santana project, both located in Brazil, and for working capital and general and administrative purposes.
The offering was completed through a syndicate of underwriters led by Canaccord Genuity, including National Bank Financial, BMO Nesbitt Burns, GMP Securities, Paradigm Capital, Raymond James and Salman Partners.
The company's shares traded at C$3.30 apiece on Thursday.