Stonegate Agricom closes finance deal
Stonegate Agricom Ltd. today announced it has closed the previously announced transaction whereby Stonegate acquired Sprott Resource Corporation's fully drawn $7.5 million loan facility for 11,538,462 Stonegate common shares at a price of 65 cents per share. The transaction was originally announced on April 29, 2013.
SRC currently owns 58,450,462 Stonegate common shares, or 37.5 percent of total outstanding shares.
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Paris Hills Phosphate Project located in Idaho and the Mantaro Phosphate Project located in Peru.
“The company is confident that the two deposits have sufficient size and grade to become strategic, cost-effective sources of phosphate supply for major fertilizer producers,” the company has proclaimed. More information is available at www.stonegateagricom.com.