Mr. Antenor Silva reports
MBAC ANNOUNCES INCREASE IN PREVIOUSLY ANNOUNCED FINANCING TO $17.6 MILLION
MBAC Fertilizer Corp. has amended the terms of the previously
announced bought-deal public offering with a syndicate of underwriters
led by Canaccord Genuity Corp., and including BMO Capital Markets,
National Bank Financial Inc., GMP Securities LP, Paradigm Capital
Inc. and Raymond James Ltd., to
increase the size of the offering by an additional 740,000 common
shares. Under the amended terms of the offering, the underwriters have
agreed to purchase 6.5 million common shares for total
gross proceeds of $17.55-million.
In addition, the underwriters and the company agreed to amend the terms
of the overallotment option to
allow the underwriters to purchase up to 975,000 common shares at the
offer price and on the same terms as the offering, exercisable at any
time, in whole or in part, for a period of 30 days after and including
closing date of the offering. If the amended overallotment option is
exercised in full, an additional $2,632,500 will be raised pursuant to
the offering, for total gross proceeds of $20,182,500.
The net proceeds of the offering are intended to be used by the company
to advance the Santana and Araxa projects in Brazil, and for general
working capital purposes.
The offering is subject to the receipt of all necessary regulatory and
stock exchange approvals, including the approval of the Toronto Stock
Exchange and applicable securities regulatory authorities.
We seek Safe Harbor.
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