Aguia Resources Ltd : Expiration of 40,000,000 Phosphate Performance Shares
June 24 , 2013 — (Source: Aguia Resources Ltd) — The Board of Aguia Resources Limited (ASX: AGR) (“Aguia” or “Company”) confirms that 20,000,000 A Class Performance Shares and 20,000,000 B Class Performance Shares (together the “Phosphate Performance Shares”) have not met their respective performance conditions within the required timeframe, being three years from their date of issue.
Under the terms of the agreement for the issue of the Phosphate Performance Shares, if the performance conditions were not met by the expiry date, they would convert to a total of two ordinary shares.
As a result of this conversion, the Company will reduce the Phosphate Performance Shares on issue to nil, and increase the ordinary shares on issue by two shares.
Post the expiration of the Phosphate Performance Shares, and the Company’s recent early expiration of the potash performance shares as approved at the Company’s recent shareholder meeting, the capital structure of the Company is as follows:
|Ordinary Shares (escrowed to 21 December 2013)||4,000,000|
|Ordinary Shares (escrowed to 5 June 2014)||9,409,024|
|Potash Performance Shares
(remaining after recent expiration/conversion)
(average exercise price $0.38)
Aguia is an emerging fertiliser development company focusing on phosphate and potash projects in Brazil. Brazil is Latin America’s biggest economy and is heavily reliant on imports of up to 50 per cent of its phosphate and 90 per cent of its potash needs. Aguia is well positioned to capitalise on the growing demand for phosphorus and potash based fertilisers in the expanding agriculture sector in Brazil and controls four large projects, located close to existing infrastructure. The Company is committed to its existing projects whilst continuing to pursue other opportunities within the fertiliser sector.
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