Stonegate Agricom Ltd. (ST.TO) Wednesday filed a preliminary short form prospectus with the securities regulatory authorities in each of the provinces of Canada, except Québec, in connection with a "best efforts" marketed offering to raise minimum gross proceeds of C$10 million with a syndicate of agents co-led by GMP Securities L.P. and Cormark Securities Inc., and including BMO Capital Markets.
The Offering will consist of the sale of units at an issue price to be determined in the context of the market. Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant. Each Warrant shall entitle the holder to purchase one common share at a price and for a period to be determined in the context of the market.
The Agents shall also have the option to purchase from the Company up to that number of additional Units as is equal to 15% of the number of Units issued under the Offering during the 30 day period immediately following the Closing Date (the "Over-Allotment Option").
The net proceeds from the Offering will be used to advance the Company's Paris Hills Phosphate Project located in Idaho, USA, including completing permitting, and for general corporate and working capital purposes.
Sprott Resource Corp. (SCP.TO), which currently owns 37.5% of the Company's basic common shares outstanding, has informed the Company that it intends to participate in the Offering on a pro rata basis in order to maintain its current percentage ownership in the Company.
The Offering is expected to close on or about July 16). The Company shall obtain the necessary approvals to list the Shares and Warrant Shares on the Toronto Stock Exchange, which listings shall be conditionally approved prior to the Closing Date.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.