Brazil Potash Corp. announced today the pricing of its initial public offering (IPO) of 2,000,000 common shares at $15.00 per share. The company expects to raise approximately $30.0 million in gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses.
The underwriters have been granted an option to purchase up to an additional 300,000 common shares for a period of 30 days to cover any over-allotments. Trading of the common shares is anticipated to commence on the NYSE American on November 27, 2024, under the ticker symbol 'GRO'.
The closing of the IPO is expected to occur on November 29, 2024, subject to customary closing conditions. Additionally, the company has agreed to issue warrants to the underwriters, exercisable for 5% of the total common shares sold in the IPO, at an exercise price equal to 130% of the initial public offering price.
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