Brazil Potash, which is developing a potash mining project in Brazil's Amazon basin, raised $30 million by offering 2 million shares at $15, the low end of the range of $15 to $18. The company offered 0.4 million fewer shares than anticipated. It originally planned to offer 4.3 million shares, but downwardly revised the terms earlier this week. A new investor had indicated on 10% of shares in the offering.
Brazil Potash is a mineral exploration and development company focused on a potash mining project in the state of Amazonas, Brazil. The company is currently in the pre-revenue development stage, working to obtain the necessary permits and licenses to start construction on the project. Once operational, it plans to extract and process potash ore from an underground mine and sell the potash fertilizer domestically within Brazil, aiming to reduce the country's heavy reliance on imported potash. The company believes its strategic location near the Amazon river system and connection to Brazil's national power grid will give it a cost and carbon emissions advantage over international potash suppliers.
Brazil Potash plans to list on the NYSE American under the symbol GRO. Cantor Fitzgerald, Bradesco BBI, Freedom Capital Markets, and Roth Capital acted as joint bookrunners on the deal.
