A$2.5m Strategic Placement to Vulcan Phosphates
Minemakers Limited is a dual ASX/TSX-listed mining company focussing on the fertiliser sector. On 2 April 2013 Minemakers announced the strategic placement of 14 million shares to Vulcan Phosphates LLC at 18 cps (A$2.5m), a 33% premium to Minemakers’ trading price prior to the placement. In addition, Vulcan acquired a 4 year option to acquire a further 14 million shares at 30 cps. Vulcan is a strategic investor with deep knowledge of the phosphate fertiliser industry. Vulcan has also co-invested with Minemakers in the JDCPhosphate Inc, a Florida-based developer of a new phosphate extraction process. Azure advised Minemakers on its placement to Vulcan.