TORONTO (miningweekly.com) – Latin America-focused phosphate and potash junior MBAC Fertilizer has closed a bought-deal financing for gross proceeds of about $51.7-million.
The company said the net proceeds of the offering were intended for use to complete the Itafós phosphate project, in the heart of Brazil’s fertile Cerrado, for working capital and general and administrative purposes.
The company had issued a total of 23.47-million common shares, including those for the partial exercise of the underwriters' option, at a price of C$2.20 a share.
The offering was completed through a syndicate of underwriters led by Canaccord Genuity and included National Bank Financial and BMO Nesbitt Burns.
The company’s stock climbed 2.27% on the TSX on Tuesday to trade at C$2.25 apiece.