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Largo announces closing of the first tranche of recently announced private placement and signing of binding term sheet for new debt facilities
Largo announces closing of the first tranche of recently announced private placement and s...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo announces closing of the first tranche of recently announced private placement and signing of binding term sheet for new debt facilities\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 recently announced private placement and signing of binding term sheet for new debt facilities\nCanada NewsWire\nTORONTO, Jan. 29, 2016\n\n\n\nTORONTO, Jan. 29, 2016 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") is pleased to announce today that (i) it has closed a first tranche of its US$26,500,000 (approximately CDN$39,000,000) non-brokered offering (the \"Offering\") of Units (as defined below) previously announced in the Company's news release dated January 19, 2016 (the \"First Tranche\"), and (ii) the Company has signed a binding term sheet with its consortium of existing commercial banks in Brazil (collectively, the \"Lenders\") for a new debt facility (the \"New Facility\") and the restructuring of its export credit facilities (the \"Export Facilities\") for its Maracás Menchen Mine.\n\nMark Smith, President and Chief Executive Officer for Largo, stated: \"We sincerely appreciate the support of both our new and existing shareholders as well as our Lenders, who all remain committed to the on-going success of Largo and its Maracás Menchen Mine.  Working together with all of our stakeholders we have been able to push through a challenging few months and are now more confident than ever in the future success of the Maracás Menchen Mine.\"\n\nClosing of the First Tranche of the Offering\n\nThe Company is very pleased to announce that the closing of the First Tranche resulted in gross proceeds to the Company of CDN$13,285,982 from the sale of 75,919,898 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 which is a condition of the Company's restructuring of its existing Export Facilities with the Lenders, and for general corporate and working capital purposes. The re...