Brazil Potash prices 11.45M units at $2.00 in private placement

Brazil Potash (GRO) entered into a private placement financing with certain institutional and accredited investors for the sale of an aggregate of 11,450,000 Common Units and 2,550,000 Pre-Funded Units. Each Common Unit is comprised of one common share of the Company and one common stock purchase warrant to purchase one common share. Each Pre-Funded Unit is comprised of one pre-funded warrant to purchase one common share and one Common Warrant. Each Common Unit has a purchase price of $2.00, and each Pre-Funded Unit has a purchase price of $1.999. The Pre-Funded Warrants will have an exercise price of $0.001 per common share, be immediately exercisable and remain exercisable until exercised in full. The Common Warrants are immediately exercisable at an exercise price of $3.00 per common share and will expire in five years. The Common Shares and Common Warrants forming part of the Common Units and the Pre-Funded Warrants and Common Warrants forming part of the Pre-Funded Units are immediately separable and will be issued separately. Gross proceeds from the private placement are expected to be approximately $28M, before deducting expenses. The transaction is expected to close on October 20, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the transaction for working capital and other general corporate purposes. Canaccord Genuity is acting as lead placement agent for the private placement and Roth Capital Partners is acting as co-placement agent.