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Largo Announces Closing of the First Tranche of a Private Placement for Aggregate Proceeds of $3.36M
Largo Announces Closing of the First Tranche of a Private Placement for Aggregate Proceeds...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Announces Closing of the First Tranche of a Private Placement for Aggregate Proceeds of $3.36M\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLargo Announces Closing of the First Tranche of a Private Placement for Aggregate Proceeds of $3.36M\nCanada NewsWire\nTORONTO, Sept. 7, 2016\n\n\n\nTORONTO, Sept. 7, 2016 /CNW/ - Largo Resources Ltd. (TSX: LGO) (OTCQB: LGORF) (\"Largo\" or the \"Company\") is pleased to announce today that it has closed a first tranche (the \"First Tranche\") of a non-brokered private placement offering (the \"Offering\") of Units (as defined below).\n\nPresident and Chief Executive Officer for Largo, Mark Smith, stated: \"We sincerely appreciate the support of our existing shareholders, who all remain committed to the on-going success of Largo and its Maracás Menchen Mine.\"\n\nThe closing of the First Tranche resulted in gross proceeds to the Company of CDN$3,359,499.75 from the sale of 7,465,555 units of the Company (the \"Units\"). The proceeds realized from the First Tranche will be used for ongoing working capital requirements at the Company's Maracás Menchen Mine, and for general corporate and working capital purposes. Largo expects to close a second smaller tranche of approximately $825,000 on or about September 7, 2016 (the \"Second Tranche\") which would bring the aggregate proceeds to approximately $4.18M.\n\nEach Unit was sold at a price of CDN$0.45 and consists of one common share of the Company (each, a \"Common Shares\"), and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable into one Common Share at a price of CDN$0.65 per share for a period of three years from closing of the Offering. All securities issued in the Offering will be subject to a four-month hold from the date of issuance. \n\nFunds managed by Arias Resource Capital Management LP (the \"ARC Funds\") purchased an aggregate of 5,800,000 Units in the First Tranche for gross proceeds to the Company of CDN$2,610,000. The ARC Funds are a \"Control Person\" of the Company (as define...