Brazilian fertiliser developer Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) is pleased to announce that it has successfully completed a $10.8 million Share Placement (Placement) through the issue of 27,000,000 new Units to institutional and sophisticated investors at $0.40 per Unit. The Placement was substantially oversubscribed.
The Company offered Units at a price of C$0.40 per Unit. Each Unit will consist of one ordinary share of the Company (each, a “Share”) and one half of one ordinary share purchase warrant (each full warrant, a “Warrant”) with each Warrant entitling the holder thereof to purchase one additional ordinary share of the Company (a “Warrant Share”) at a price of C$0.65 for a period of three years after their date of issue. The Units were offered pursuant to exemptions from the registration and prospectus requirements of applicable securities legislation. The new Shares will rank equally with existing shares on issue.
As previously announced, the Company had received conditional approval for its listing application to the TSXV. The Australian Stock Exchange (“ASX”) will remain Aguia’s main listing, but by dual listing on the TSXV, the Company will gain access to an expanded investor base as it moves forward to becoming a fertilizer producer.