BRASILIA (dpa-AFX) - Brazil Potash Corp. announced the pricing of its initial public offering of 2 million of its common shares, no par value per share, at a price to the public of $15.00 per share.
The company expects gross proceeds to the company from the IPO, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, to be approximately $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.
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