Aguia Resources strengthens project funding

Aguia Resources (ASX:AGR) has completed a $1.5 million share placement by issuing 42 million fully paid ordinary shares at $0.036 per share. This placement was primarily taken up by high net-worth investors and family offices. The funds will be used for Aguia's Santa Barbara gold project in Colombia, phosphate projects in Brazil, and general working capital.

Aguia Resources' strategic financial move

Aguia Resources has successfully secured $1.5 million through a share placement, aimed at advancing its Santa Barbara gold project in Colombia and phosphate assets in Brazil. The placement, managed by Far East Capital Limited, was set at a 10% discount to the last closing price, showcasing investor confidence. Directors have committed $126,000, pending shareholder approval. Executive Chairman Warwick Grigor emphasized the enhanced financial flexibility, enabling the commencement of mining and processing operations. Aguia Resources continues to focus on its growth strategy, leveraging its diversified asset portfolio across Brazil and Colombia. The company remains committed to developing its pre-production projects and recently expanded its asset base by acquiring Andean Mining, which includes gold, silver, and copper projects.

Executive insights on share placement

We have gained financial flexibility from the placement, which will facilitate the commencement of mining and processing activities at the Santa Barbara gold mine and advance the phosphate projects in Brazil.