Aguia (ASX:AGR) raises AU$1.5Mn via private placement for Organic Phosphate Project

March 08, 2023 12:00 PM AEDT | By Manisha

Aguia (ASX:AGR) raises AU$1.5Mn via private placement for Organic Phosphate Project — Image source: © Skazovdd | Megapixl.com

Details of the placement

Under the Placement, approximately 33,340,019 fully paid Ordinary Shares have been issued to investors at a price of AU$0.045 apiece, using the current placement capacity of Aguia Resources.

AGR advances activities at Organic Phosphate Project

The project is located within the State of Rio Grande do Sul , which has high -quality infrastructure, as well as highly skilled labour. Moreover, the state is the third largest grain producer in Brazil.

The ASX-listed firm has been persistently working on the initial construction of the Organic Phosphate mine. Recently, the company welcomed Mr Anderson Visconcini onboard as the Project Manager.

Image source: AGR PPT

Also, Aguia has roped in Harrier in an advisory role to the project. Harrier is an Australian mining consultancy firm with solid links to experienced mining personnel in Brazil. The consultancy firm will be engaged in providing independent oversight to the project.

In addition, a sales team with more than 35 years of experience in marketing and agriculture sales has been hired for the Organic Phosphate Project.

This will be the first phosphate mine in the South of Brazil, suggests the company.

ASX-listed shares of AGR traded at AU$0.060 on 7 March 2023.

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