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Itafos raises C$86.4M to fund acquisitions

Itafos said Dec. 19 that it raised C$86.4 million through a previously announced placement of 41,129,243 shares at C$2.10 each to implement its strategic and business development initiatives and for working capital and general corporate purposes.

The company initially planned to raise about C$96 million via the issue of 45,714,285 shares. The still remaining 4,585,042 shares of that total will be issued at the same price for a shares-for-debt transaction with Pala Investments, as announced a week earlier.

Zaff LLC, a company insider, increased its shareholding to 81,452,992 shares after subscribing to 31,431,391 shares under the offering.