Brazil Potash Soars 86% After Hours After Signing $200 Million Deal With Fictor Energia

Brazil Potash Corp GRO surged 86.21% in after-hours trading on Monday.

Check out how Brazil Potash stock is trading here

What Happened: The company’s stock price jumped to $2.70 after the market closed, up from the day’s closing price of $1.45. This surge followed the announcement of a Memorandum of Understanding (MoU) signed between the Toronto-based fertilizer company and Fictor Energia for a $200 million power line project.

The MoU outlines the terms for Fictor Energia to fund approximately $200 million in power transmission construction costs for the Autazes Project. 

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Why It Matters: The MoU with Fictor Energia is an agreement that not only secures funding for a crucial infrastructure project but also demonstrates the company’s ability to attract substantial investment for its projects.

Earlier in May, the company had agreed to establish an equity line of credit with Alumni Capital to progress its flagship Autazes Potash Project. This latest development further solidifies the company’s financial position and its ability to execute its strategic initiatives.

It is also worth noting that in March, the company signed a key vegetation management contract for site preparation at its Autazes Potash Project in Amazonas State, showing a consistent commitment to project development.

Price Action: According to Benzinga Pro data, GRO jumped 86.21% after hours on Monday, closing at $2.70.

Benzinga Edge Stock Rankings indicate Brazil Potash Corp has a negative trend across all time frames. Additional performance details are available here.

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