- Aguia Resources (AGR) has completed its private placement and raised roughly $4.07 million
- All up, more than 45.2 million fully paid ordinary shares were issued to sophisticated and institutional investors at 9 cents
- Additionally, participants received half an option for every share subscribed for, exercisable at 18 cents with expiry on March 31, 2023
- Aguia will use the funds to begin construction of the Três Estradas Phosphate Project in Brazil, provide working capital and strengthen its balance sheet
- Aguia has ended the day 13.6 per cent in the red with shares trading at 9.5 cents
Aguia Resources (AGR) has completed its private placement and raised roughly $4.07 million.
The funds were raised through the issue of around 45.2 million fully paid ordinary shares to sophisticated and institutional investors at 9 cents.
Additionally, participants received half an option for each share subscribed for, exercisable at 18 cents with expiry on March 31, 2023.
Non-Executive Chairman Christina McGrath and Non-Executive Directors Dr David Carland and Martin McConnell all participated in the placement.
Aguia will use the funds to begin construction of the Três Estradas Phosphate Project in Brazil, provide working capital and strengthen its balance sheet.
“Aguia is now funded to commence construction of the Três Estradas Phosphate Project once the installation licence is granted. We are confident that this is not too far away,” Managing Director Dr Fernando Tallarico commented.
“This is an exciting time for Aguia as the company approaches first production and cash flow, which remains on target for Q4 2021,” he said.
“As project development activities ramp up, we anticipate a steady stream of updates which we look forward to delivering,” he added.
Aguia has ended the day 13.6 per cent in the red with shares trading at 9.5 cents in a $30.86 million market cap.