Itafos announced today that it has entered into a binding letter of intent with CL Fertilizers Holding LLC for a US$36,000,000 capital raise through a non-brokered private placement financing of US$15,000,000 and an amendment to increase the availability of a previously issued unsecured subordinated promissory note by US$21,000,000. The proceeds of the capital raise are expected to be used to fund general working capital [...]
Itafos announced today the filing on SEDAR of the independent technical report encompassing Itafos Conda and Itafos Paris Hills deposits compiled by Golder Associates Ltd. and titled “NI 43-101 Technical Report on the Itafos Conda and Itafos Paris Hills Mineral Projects, Idaho, USA” . The Company previously announced the results of the Itafos Conda Technical Report concluding increased existing Mineral [...]
Itafos reported today its Q3 2019 financial results and operational highlights. The Financial Statements and Management’s Discussion and Analysis for the quarter ended September 30, 2019 are available under the Company’s profile at www.sedar.com and under the Investors – Financial Statements page of the Company’s website, www.Itafos.com. All dollar values referenced in this news release are [...]
Itafos announced today that Mr. Brent de Jong, Chairman of the Company’s Board of Directors, has stepped down as Chairman and member of the Company’s Board of Directors. The Company thanks Mr. de Jong for his service and contributions and wishes him well in his future endeavors. Following Mr. de Jong’s resignation, the Company’s Board of Directors will consist of Mr. Anthony Cina, Mr. David [...]
Itafos announced today its decision to idle Itafos Arraias and to suspend the previously announced repurpose plan at Itafos Arraias. The decision comes as part of a disciplined approach to capital allocation considering the continued downward pressure on global fertilizer prices. “While we have demonstrated the viability of the repurpose plan at Itafos Arraias, including producing and commercializing new premium [...]
Itafos announced today that Itafos Conda has closed a US$20,000,000 secured working capital facility and has expanded its commercial relationship with Gavilon Fertilizer, LLC , a subsidiary of The Gavilon Group, LLC. “This strategic transaction allows us to more effectively manage our working capital and bolsters our long-standing partnership with Gavilon,” said Tim Vedder, General Manager of Itafos Conda. The [...]
Itafos announced today the results of an independent technical report encompassing Itafos Conda and Itafos Paris Hills deposits concluding increased existing Mineral Resource estimates and defining the Husky1/North Dry Ridge deposits as the Company’s path forward for mine development. The technical report compiled by Golder Associates Ltd. and titled “NI 43-101 Technical Report on the Itafos Conda and [...]
Itafos announced today that it has executed an amendment to its secured term credit facility . The purpose of the Amendment is to align financial covenants requiring the Company not to exceed certain ratios at the end of each quarter with the Company’s business plan and to provide the Company with additional flexibility to raise working capital financings at Itafos Conda and Itafos Arraias. “We are pleased to [...]
Itafos announced today that it has launched its new line of premium products following the recent completion of initial production and sales of premium PK compound products as well as higher grade SSP. The new premium products are in connection with the repurpose plan, which is aimed at optimizing Itafos Arraias’ finished fertilizer production with a multi-product portfolio of higher grade SSP , micronutrient [...]
Itafos announced today that Itafos Conda has successfully launched the first product in its new line of microcronutrient enhanced compound products following the recent completion of initial production and sales of monoammonium phosphate enhanced with sulfur. “The new semi-specialty fertilizer product further diversifies Itafos Conda’s product offerings to better serve our customers and improve our margin [...]
Itafos announced today that it has borrowed US$15,000,000 from CL Fertilizers Holding LLC in the form of convertible unsecured subordinated debt. The debt is evidenced by an unsecured and subordinated promissory note issued by the Company in favor of CLF in the principal amount of US$15,000,000 . The proposed CLF Promissory Note is subordinate to the Company’s existing senior credit facility and subject to the terms [...]
Itafos announced today that it intends to borrow US$15,000,000 from CL Fertilizers Holding LLC in the form of convertible unsecured subordinated debt, subject to approval from the TSX Venture Exchange. The debt would be evidenced by an unsecured and subordinated promissory note issued by the Company in favor of CLF in the principal amount of US$15,000,000 . The proposed CLF Promissory Note would be subordinate to the [...]
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