- Aguia Resources (AGR) will raise up to $2.5 million through a renounceable rights issue to advance the Tres Estradas Phosphate Project in Brazil
- Shareholders will be offered two new shares for every nine existing shares at 5 cents each
- Funds raised will allow Aguia to advance its Tres Estradas Phosphate Project and to make sure its copper assets are in good standing
- Aguia’s main focus is on the exploration and development of its mineral resource projects in Brazil
- On market close, Aguia is down 11.8 per cent and is selling shares for 6 cents each
Aguia Resources (AGR) has announced a renounceable rights issue to raise up to $2.5 million to advance the Tres Estradas Phosphate Project.
The company is offering two new shares for every nine existing shares for 5 cents each, with one attaching option exercisable at 10 cents each.
Funds will go towards an Installation Licence (LI), to proceed the advancements in Tres Estradas in Brazil, making sure its copper assets are in good standing and to contribute towards working capital.
The rights issue is open to all shareholders who are registered within Australia or New Zealand.
Aguia said its main focus is on the exploration and development of its mineral resource projects in Brazil.
“The company has a very experienced in-country exploration team which has identified multiple copper targets,” it told the market.
“Its low-cost natural phosphate fertilizer project is entering a very exciting phase of its development and is expected to be operational in early 2022,” it added.
Mahe Capital is the lead manager for the rights issue.
On market close, Aguia is down 11.8 per cent and is selling shares for 6 cents each.