Brazil Potash announces pricing of initial public offering
Published by Emilie Grant,
Editorial Assistant
World Fertilizer,
Brazil Potash Corp. has announced the pricing of its initial public offering (the 'IPO') of 2 000 000 of its common shares, no par value per share (common shares), at a price to the public of US$15.00 per share. All of the common shares are being offered by the company. The gross proceeds to the company from the IPO, before deducting underwriting discounts and commissions and estimated offering expenses payable by the company, are expected to be approximately US$30.0 million.
In addition, the company has granted the underwriters an option to purchase up to an additional 300 000 common shares, for a period of 30 days from the date of the final prospectus, to cover over-allotments, if any.
The common shares are expected to begin trading on the NYSE American on November 27, 2024 under the symbol 'GRO'. The closing of the IPO is expected to occur on November 29, 2024, subject to the satisfaction of customary closing conditions. The company has agreed to issue to the underwriters, upon the closing of the IPO, warrants exercisable for the number of Common Shares equal to 5% of the total number of Common Shares sold in the IPO. Such warrants will be exercisable at an exercise price equal to 130% of the initial public offering price.
Cantor Fitzgerald & Co., Banco Bradesco BBI S.A., Freedom Capital Markets, Roth Capital Partners, LLC, and Clarksons Securities, Inc. are acting as underwriters in the IPO.
A registration statement on Form F-1 relating to the offering of the common shares in the IPO has been filed with the US Securities and Exchange Commission (the 'SEC') and was declared effective on November 26, 2024. The offering of common shares is being made only by means of a prospectus.
The company has also obtained a receipt for a (final) base PREP prospectus filed with securities commissions or similar authorities in each of the provinces and territories of Canada, other than Québec, on November 26, 2024.
Read the article online at: https://www.worldfertilizer.com/potash/27112024/brazil-potash-announces-pricing-of-initial-public-offering/
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