22 September 2011 20:54 [Source: ICIS news]
TORONTO (ICIS)--The World Bank’s International Finance Corporation (IFC) has agreed to invest Canadian dollar (C$) 33.6m ($34.6m) in Toronto-listed MBAC Fertilizer to support a single superphosphate (SSP) project in Brazil, MBAC said on Thursday.
In a filing, MBAC said the IFC will acquire 10.83m of its common shares, at a price of C$3.10/share – equivalent to about 10% of MBAC’s outstanding common shares. The deal is expected to close by 27 September.
The proceeds from IFC's investment will be used by MBAC to develop its Itafos-Arraias SSP project in ?xml:namespace>
According to MBAC’s website, the project would have an SSP capacity of 500,000 tonnes/year in a first phase, with start-up targeted for as early as 2012. MBAC is also looking at a second-phase that could double production by around 2015.
MBAC’s shares traded unchanged at C$2.90/share in
As part of the World Bank, the IFC helps finance private sector projects in developing countries.
($1 = C$0.97)
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