Brazil Potash Corp. announced it has entered into a definitive agreement establishing an equity line of credit (ELOC) of up to $75 million with Alumni Capital LP. This agreement is anticipated to provide the company with a flexible source of funding over a 24-month period.
The ELOC is expected to enable judicious planning for the timing and amount of any equity sales, which is critical as Brazil Potash advances site preparation and construction activities for the Autazes Project. Matt Simpson, CEO of Brazil Potash, stated that this agreement provides an important financing tool.
Under the terms, Brazil Potash has the right to sell, and Alumni has the obligation to purchase, common shares at market-based prices, subject to customary conditions. This flexible capital access is vital for progressing early works construction activities, especially with permits secured and strong offtake agreements already in place.
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