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TORONTO, Dec. 09, 2018 (GLOBE NEWSWIRE) -- Aguia Resources Limited (ASX:
AGR, TSXV:
AGRL) (“Aguia” or “Company”
is pleased to announce that it has entered into agreements for a private placement financing agreement for gross proceeds of approximately A$2,797,218.84. These funds were raised via a non-brokered private placement to sophisticated and institutional investors of up to 32,271,032 million Ordinary Shares of the Company at a price of A$0.12 per Ordinary Share (the “Placement”
.
The Company intends to use the proceeds from the Placement as follows:
- Ongoing exploration of the Rio Grande Copper prospects (Big Ranch and Canhada) to include drilling and assays;
- Evaluation and acquisition of additional properties around Big Ranch and Canhada;
- Finalization of environmental permitting for the Três Estradas phosphate deposit including public hearings to obtain the Preliminary License;
- Strengthening the balance sheet; and
- Lease maintenance and general working capital purposes.
Each Ordinary Share issued will rank equally with existing Ordinary Shares. All Ordinary Shares issued pursuant to the Placement are to be fully tradeable and listed on the ASX or TSX Venture Exchange, subject to the necessary approvals of the ASX and TSX Venture Exchange.
The issue of the Ordinary Shares will be completed in accordance with the Company’s existing placement capacity pursuant to the ASX Listing Rules. Aguia may, subject to regulatory approval, pay a finder’s fee in respect of the Placement. The Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. The Ordinary Shares issued in connection with the Placement that will be listed on the TSX Venture will be subject to a hold period expiring four months and one day from the closing date of the Placement. The hold period will not apply to ASX Ordinary Shares. The Company expects that the new shares to be issued will be allotted on or before December 14, 2018.
