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Canada's MBAC Fertilizer completes C$51.7-million private placement for Brazil phosphate project

3:08 AM MDT | April 17, 2013 | Francinia Protti-Alvarez

MBAC Fertilizer (Toronto) has completed a C$51.7-million ($50.5 million) private placement of shares. A total of 23.48 million shares were issued and sold at C$2.20/share. The shares issued under the private placement will be subject to a four-month hold period under applicable Canadian securities legislation. The net proceeds are intended to be used for completion of the company's Itafós Arrais single super phosphate (SSP) project, in Brazil; for working capital; and for general and administrative purposes, the company says. The project is in central...

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