PP closed and debt reduced TORONTO, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Itafos (TSX VENTURE:IFOS) (Itafos or the Company) is pleased to announce that, further to the Company's news releases dated November 21, 2017 and December 15, 2017, it has closed its previously announced private placement of 41,129,243 shares of the Company at a price of C$2.10 per share (the Offering). The Company expects to issue an additional 4,585,042 shares of the Company at an effective price of CAD$2.10 per share in connection with the shares for debt transaction announced on December 15, 2017. The principal use of proceeds of the Offering is to fund the continued implementation of the Company’s strategic and business development initiatives and for working capital and general corporate purposes.
Zaff LLC (Zaff), which is an insider of the Company, subscribed for a total of 31,431,391 shares under the Offering. Zaff now beneficially owns, or exercises control or direction over, 81,452,992 shares of the Company.
Read more at https://www.stockhouse.com/news/press-releases/2017/12/19/itafos-announces-closing-of-non-brokered-private-placement-financing#VCdlwu5pxYeITMm2.99 That reduces the debt by 9.6 million and sets ITAFOS up for success in Brazil and in Idaho. If ITAFOS sells all its capacity at Brazil: 500 000 t plus of SSP
Capacity in Idaho: 540 000 metric tons of phosphate products.
Over 1 000 000 t at even the low end of the price at $150 US per ton. and a top end of approaching $ 270 US per ton. Wow.
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