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Itafos targets C$96M share issue for acquisitions

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Itafos targets C$96M share issue for acquisitions

Phosphate fertilizers producer Itafos is undertaking a nonbrokered private placement to raise about C$96 million via the issue of 45,714,285 shares at C$2.10 each.

Funds will be used for acquisitions as well as for working capital and general corporate purposes, it said Nov. 21.

The offering will close Dec. 12, and the company may increase the size if it more subscriptions than the shares offered. Completion is expected on Dec. 18.

In early November, Agrium Inc. agreed to sell the Conda phosphate mining project and Conda plant in Idaho to Itafos for US$100 million.

Private equity group Zaff LLC controls 60.8% of the currently issued capital and has agreed to take up its pro rata allocation of shares in the new issue and will also take up all shares not bought in the offer.