Toronto-MagIndustries Corp. said March 4 that it has entered into an agreement with a syndicate of agents co-led by Cormark Securities Inc. and Paradigm Capital Inc., and including Desjardins Securities Inc., Jennings Capital Inc., and Ambrian Securities plc, to sell, on a best efforts basis, approximately C$100 million of equity in the capital of the company’s subsidiary, MagMinerals Inc., by way of private placement. The net proceeds will be used by MagMinerals to fund the repayment of approximately ?é¼15 million in project related debt, with the remaining funds to be applied to the development of Phase I of the company’s potash project near Mengo in the Kouilou province of the Republic of the Congo, as well as the completion of a feasibility study update for Phase II. Subsequent to the offering, the company intends to cause MagMinerals to become a reporting issuer in one or more provinces of Canada through an initial public offering, reverse takeover, or similar transaction.
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