Itafos (TSXV:IFOS) announced a best efforts basis brokered private placement of common shares for gross proceeds of up to $35,000,000 on January 11, 2017. Existing investor Zaff LLC is expected to subscribe for gross proceeds of $15,000,000. The transaction is subject to a number of conditions, including the completion of due diligence by the agents, the negotiation and execution of a definitive agency agreement, satisfaction of any regulatory requirements, and receipt of the approval of the TSX Venture Exchange. The transaction is expected to close on or about such date or dates as agreed upon by the company and the lead agent. The securities issued will be subject to a statutory hold period of four months plus a day from the date of issuance.