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Aguia raising C$5M to advance Brazil resource projects

Aguia Resources Ltd. plans to raise C$5 million through a bought-deal offering to advance its resource projects in Brazil, with closing anticipated on or around April 5.

The offering will comprise 14,285,800 units priced at 35 cents apiece, according to a March 21 release. Each unit will include 1 common share and half of a warrant, with each warrant exercisable at 60 cents per share for 36 months from closing.

The financing will be conducted by a syndicate of underwriters co-led by Echelon Wealth Partners Inc. and PI Financial Corp. Aguia granted the underwriters a 30-day overallotment option to purchase another 2,142,900 units at the same price. If fully exercised, the overallotment will take total proceeds to C$5.8 million.

Aguia will use the proceeds to initiate phase-one exploration on its Canhada copper discovery, finalize permitting at its Tres Estradas phosphate project and for general corporate and working capital purposes.

Canhada is one of two mineralized targets identified by the company earlier in the year during exploration of the Rio Grande Copper Belt in Brazil. Plans for the target include a ground-based geophysical survey ahead of reverse circulation drilling.

A recent bankable feasibility study for Tres Estradas defined a posttax net present value of US$212 million, at a 5% discount rate, and an internal rate of return of 18.3%.