Aguia Resources' successful share placement

Aguia Resources Limited (ASX: $AGR) has successfully completed a share placement, raising $1.37m through the issue of 78,125,000 million new fully paid ordinary shares at $0.016 per share. The funds raised will be utilized for the acquisition of Andean Mining and to facilitate the purchase of key equipment for the gold processing plant at Andean's 100%-owned Santa Barbara gold mine in Colombia.

Executive commentary on the share placement

Non-Executive Chairman, Warwick Grigor, expressed, 'We are pleased to complete this capital raise, which provides Aguia with additional flexibility to unlock value from our South American portfolio. Our objective is that future revenue from Santa Barbara will support ongoing development of our Brazilian copper and phosphate assets, and future exploration activities in Colombia where we believe there is considerable upside.'

Summary of Aguia Resources' share placement

Aguia Resources Limited (ASX: $AGR) has successfully raised $1.37m through a share placement, with the majority of the funds earmarked for the acquisition of Andean Mining and the expansion of operations at the Santa Barbara gold mine in Colombia. The company remains committed to its strategy of advancing its portfolio of copper and phosphate assets in Brazil, aiming to establish a steady cash-generating operation. The completion of the placement is expected to occur on 22 April 2024, with trading of the new shares expected to commence on the following business day.