- Aguia Resources (AGR) raises $1.4 million through a private placement
- The company will issue roughly 32 million shares at 4.5 cents per share to raise the funds
- Aguia’s cash boost will go towards general working capital and funding the initial construction of its organic phosphate mine
- The company has two “well-advanced” mining projects in Southern Brazil — a metallic green copper project and an organic phosphate project
- Shares in AGR are up 1.75 per cent to 5.8 cents at 10:54 am AEDT
Aguia Resources (AGR) has successfully raised around $1.4 million through a private placement.
The company completed the raise through the issue of roughly 32 million fully paid ordinary shares at 4.5 cents per share.
Aguia said the cash boost would go towards general working capital and funding the initial construction of its organic phosphate mine.
The multi-commodity-focused company has two wholly-owned mining projects in Southern Brazil — metallic green copper and organic phosphate. Aguia said it remained committed to advancing both of these projects into production.
Aguia Managing Director Fernando Tallarico said the reception from investors for the placement was pleasing.
“We are very pleased with the result of the placement and are delighted to welcome new shareholders to the register who are aligned with the long-term strategy of Aguia, along with a number of existing shareholders who have made an additional investment in the company,” he said.
Dr Tallarico added that despite delays, the company continued to progress development efforts at the organic phosphate mine.
“Whilst our plans to move the organic phosphate project into production have been delayed, work continues on the initial construction of the organic phosphate mine.”
Dr Tallarico said the company had made a number of moves to bolster its organic phosphate mine construction efforts, including appointing Anderson Visconcini as Project Manager, onboarding Australian mining consultancy firm Harrier as an advisor, and hiring a highly experienced sales team with 35 years of experience in agriculture sales and marketing.
Shares in AGR are up 1.75 per cent to 5.8 cents at 10:54 am AEDT.