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Largo announces closing of the third and final tranche of private placement offering for aggregate gross proceeds of CDN$5million
Largo announces closing of the third and final tranche of private placement offering for a...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo announces closing of the third and final tranche of private placement offering for aggregate gross proceeds of CDN$5million\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 third and final tranche of private placement offering for aggregate gross proceeds of CDN$5million\nCanada NewsWire\nTORONTO, Oct. 4, 2016\n\n\n\nTORONTO, Oct. 4, 2016 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQB: LGORF) is pleased to announce today that it has closed the third and final tranche (the \"Final Tranche\") of its CDN$5,000,000 private placement offering (the \"Offering\") of units of the Company (the \"Units\"). \n\nThe closing of the Final Tranche resulted in gross proceeds to the Company of CDN$547,701.30 from the sale of 1,217,114 Units, which, together with the first and second tranche of the Offering (see the Company's news releases of September 7 and 12, 2016), has resulted in aggregate proceeds to the Company of CDN$5 million from the sale of an aggregate of 11,111,111 Units. The proceeds realized from the Offering will be used for ongoing working capital requirements at the Company's Maracás Menchen Mine and for general corporate and working capital purposes, including, without limitation, exploring a potential listing on a U.S stock exchange.\n\nEach Unit was sold at a price of CDN$0.45 and consists of one common share of the Company (each, a \"Common Share\"), and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant issued in the Final 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 Final Tranche. All securities issued in the Offering are 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 428,232 Units in the Third Tranche for gross proceeds to the Company of CDN$192,704.40.  Prior to the closing of the Third Tranche of the Offering the ARC Funds owned 59.93% of ...