Global law firm Greenberg Traurig, P.A. represented Brazil Potash Corp. in connection with its initial public offering (IPO) to fund its potash mining project under development in the state of Amazonas, Brazil. The IPO by the exploration and development company, which has its headquarters in Ontario, Canada, marks one of the first by a foreign private issuer under the Securities and Exchange Commission (SEC) newly modernized disclosure regulations governing mining operations.
The offering included the sale of two million common shares at $15 each, raising a total of $30 million before expenses. The company also granted the underwriters an option to buy an additional 300,000 shares for a period of 30 days from the date of the final prospectus.
The shares began trading Nov. 27 on the NYSE American Exchange under the symbol “GRO.”
The new SEC Regulation S-K 1300 requires U.S. securities registrants with material mining operations to disclose mineral resources, reserves, and properties. Greenberg Traurig provided counsel on mining aspects and U.S. rules related to SEC disclosure and listing with the NYSE American Exchange.
“Recent global events have highlighted the need for developing new, affordable sources of potash, positioning the Brazilian market as an attractive solution,” said Miami Corporate & Securities Shareholder Rebecca G. DiStefano, who led the Greenberg Traurig team representing Brazil Potash. “Our team’s deep understanding of the Latin American market and experience with foreign private issuers allowed us to successfully navigate this highly sophisticated transaction, further underscoring Greenberg Traurig’s unique cross-border capital markets capabilities.”
Brazil Potash has not yet commenced mining operations. Potash is extracted from soil and used by the agricultural sector as fertilizer for grain and other crops.
In addition to DiStefano, the team of Greenberg Traurig attorneys representing Brazil Potash included San Francisco Corporate & Securities Shareholder William Wong, Co-Chair of the firm’s Environmental Practice Christopher J. Neumann, Northern Virginia Tax Shareholder Ian A. Herbert, Minneapolis Tax Shareholder Margaret J. Weil, Denver Environmental Practice Group Attorney Casey A. Shpall, San Francisco Corporate Associate Diana Liu, Miami Corporate Associate Claudio J. Arruda, and Miami Corporate & Securities Associates Brett Dembrow and Javier M. Sanchez, and Miami Law Clerk Cesar Fischer.
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