Itafos provided today an update regarding Itafos Conda’s operations during the COVID-19 pandemic and plant turnaround plans for 2020. Itafos Conda has been deemed an essential business as part of the fertilizer and agriculture sector and therefore has not been forced to shut down operations on account of the COVID-19 pandemic. In response to the COVID-19 pandemic, the Company has implemented risk mitigation measures at [...]
Itafos reported today its Q1 2020 financial results and operational highlights. The Company’s financial statements and management’s discussion and analysis for the three months ended March 31, 2020 are available under the Company’s profile at www.sedar.com and on the Company’s website at www.Itafos.com. All dollar values are in thousands of US Dollars except as otherwise noted. Overall Highlights For the three months [...]
Itafos reported today its Q4 and full year 2019 financial results and operational highlights. The Company’s financial statements and management’s discussion and analysis for the three months and year ended December 31, 2019 are available under the Company’s profile at www.sedar.com and on the Company’s website. All dollar values are in thousands of US Dollars except as otherwise noted. Overall Highlights For the three [...]
Itafos announced today the award of an aggregate 2,703,259 restricted share units to directors and management under the Company’s RSU plan. The Company awarded 621,279 RSUs to directors and 2,081,980 RSUs to management. The RSUs awarded to directors shall vest 1/3 on the anniversary of the grant date over a period of three years. The RSUs awarded to management vest based on a combination of time and performance with 50 [...]
Itafos provided today an update on Itafos Arraias and announced the completion of the Company’s plan to idle Itafos Arraias considering the continued downward pressure on global fertilizer prices. In addition, the Company announced that it completed third party reports on Itafos Arraias’ mine and beneficiation plant and secured important long-term income tax incentives for Itafos Arraias. “We have safely [...]
Itafos announced today the appointment of Rory O’Neill and Ricardo De Armas to its Board of Directors. The Company’s principal shareholder, CL Fertilizers Holding LLC , designated Mr. O’Neill and Mr. De Armas as its nominees to the Company’s Board of Directors pursuant to the previously announced investor rights agreement entered into on December 31, 2019, between the Company and CLF. CLF is an [...]
Itafos announced today that its Board of Directors has appointed Anthony Cina as Chairman of the Company’s Board of Directors. Mr. Cina has been a member of the Company’s Board of Directors since April 21, 2015 and has been serving as interim Chairman since November 21, 2019. Mr. Cina also serves as the Chairman of the Company’s Audit Committee. Mr. Cina has over 30 years of experience in accounting [...]
Itafos announced today that, following receipt of the necessary approvals from the TSX Venture Exchange, it has issued five million shares of the Company to its lenders pursuant to the amended and restated credit and guaranty agreement dated December 31, 2019 . As previously announced, the Shares were issued in exchange for, among other things, eliminating additional interest of 1% per annum payable in cash for each [...]
Itafos today provided an update on the engineering and construction of Itafos Farim and announced the termination of the engineering, procurement and construction management agreement with Lycopodium Minerals Canada Limited . In July 2019, the Company announced an EPCM agreement with Lycopodium for services related to the development of Itafos Farim’s mine, which is expected to produce 1.3Mt per year of phosphate [...]
Itafos announced today that its Board of Directors has appointed Dr. Mhamed Ibnabdeljalil as Chief Executive Officer, effective immediately. Dr. Ibnabdeljalil has been serving as interim Chief Executive Officer since May 16, 2019. Dr. Ibnabdeljalil has also been serving as a member of the Company’s Board of Directors since December 31, 2016 and will continue in that role. “The Board of Directors is pleased to [...]
Itafos announced today that it has executed an amended and restated credit and guaranty agreement . The A&R Credit Agreement replaces the existing credit and guaranty agreement dated May 18, 2018, including prior amendments, and further amends certain terms to provide the Company with additional financial flexibility including deferring the testing of financial covenants and reducing cash interest payable in 2020. The key [...]
Itafos announced today that it has completed its previously announced US$36,000,000 capital raise with CL Fertilizers Holding LLC 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 and capital [...]
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