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Largo announces closing of the second tranche of its current private placement offering for aggregate gross proceeds of $4.45M
Largo announces closing of the second tranche of its current private placement offering fo...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo announces closing of the second tranche of its current private placement offering for aggregate gross proceeds of $4.45M\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 second tranche of its current private placement offering for aggregate gross proceeds of $4.45M\nCanada NewsWire\nTORONTO, Sept. 12, 2016\n\n\n\nTORONTO, Sept. 12, 2016 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQB: LGORF) is pleased to announce today that it has closed a second tranche (the \"Second Tranche\") of its up to $5 Million non-brokered private placement offering (the \"Offering\") of Units (as defined below).\n\nThe closing of the Second Tranche resulted in gross proceeds to the Company of CDN$1,092,800 from the sale of 2,428,442 units of the Company (the \"Units\"), which, together with the first tranche of the Offering (see the Company's news release of September 7, 2016), has resulted in aggregate gross proceeds to the Company to date of approximately CDN$4.45 million from the sale of an aggregate of 9,893,997 Units. The proceeds realized from the Second Tranche will be used for ongoing working capital requirements at the Company's Maracás Menchen Mine, and for general corporate and working capital purposes.\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 issued in the Second Tranche 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 Second Tranche. All securities issued in the Offering will be subject to a four-month hold from the date of issuance. \n\nAn entity controlled by Mr. Alberto Beeck, a director of Largo, subscribed for an aggregate of 555,555 Units under the Second Tranche of the Offering. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), the purchase by the en...