Aguia Resources Limited (ASX:AGR) has announced that it closed a private placement financing for gross proceeds of approximately $1,803,199.95.
These funds were raised in connection with the issuance of approximately 11,121,333 Ordinary Shares via a non-brokered private placement to institutional and sophisticated investors at a price of $0.15 per ordinary share.
The Directors have committed to subscribe to an additional 900,000 ordinary shares raising a further $135,000, and the issue of director’s shares is subject to shareholder approval.
The proceeds of the placements will be used in the following ways:
- For copper drilling at the Andrade Primavera targets to commence January 2020.
- Lease maintenance and general working capital purposes.
- For payments for acquisition of copper, exploration of the Rio Grande Copper prospects and capital investment for pre-production of phosphate at Tres Estradas.