MBAC Fertilizer Corp. (TSX:MBC) (OTCQX:MBCFF) is pleased to announce that it has completed its previously announced equity financing, which included the full exercise of the over-allotment option granted for the underwriters, for aggregate gross proceeds of approximately $20.7 million. A total of 29,578,000 units of the Company including those issued pursuant to the exercise of the over-allotment option, were issued and sold at a price of $0.70 per Unit. Each Unit was comprised of one common share of the Company and one common share purchase warrant. Each Warrant will entitle the holder to purchase one common share of the Company at an exercise price of C$1.00 per share at any time prior to April 17, 2019. The Offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp., and including BMO Nesbitt Burns Inc., National Bank Financial Inc., GMP Securities L.P., Paradigm Capital Inc., and Raymond James Ltd.
The net proceeds of the Offering are intended to be used by the Company for working capital and general and administrative purposes, as more particularly described in the Company’s short form prospectus dated April 10, 2014.
MBAC is focused on becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian and Latin American markets. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. MBAC owns and operates the Itafós Operations (as such term is described in the Prospectus) which consists of an integrated fertilizer producing facility comprised of a phosphate mine, a mill, a beneficiation plant, a sulphuric acid plant, a Single Super Phosphate (“SSP”) plant and a granulation plant and related infrastructure located in central Brazil. The Itafós Operations are estimated to have production capacity of approximately 500,000 tonnes of SSP per annum. MBAC’s exploration portfolio includes a number of additional phosphate projects, which are also located in Brazil. The Santana Phosphate Project is a high grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Pará State. The Company continues to search for additional fertilizer opportunities in the Brazilian and other Latin-American markets, where strong agricultural fundamentals and unique opportunities are expected to provide attractive growth opportunities in the near future.
Grizzly Discoveries Inc. (TSX-V: GZD) (OTCQB: GZDIF) (Frankfurt: ... READ MORE
Regulus Resources Inc. (TSX-V: REG) (OTCQX: RGLSF)is please... READ MORE
Liberty Gold Corp. (TSX:LGD) is pleased to announce additional re... READ MORE
Northern Vertex Mining Corp. (TSX-V: NEE) (OTC Nasdaq Intl.: NHVC... READ MORE
Superior Gold Inc. (TSX-V: SGI) is pleased to announce positive r... READ MORE