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Largo Announces Completion of Qualifying Transaction for Largo Physical Vanadium Corp.
TORONTO / Sep 15, 2022 / Business Wire / Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce that Column Capital Corp. (“CPC”)
About this update from Largo Inc.
[{"type":"text","content":"TORONTO / Sep 15, 2022 / Business Wire / Largo Inc. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) is pleased to announce that Column Capital Corp. (“CPC”) has received conditional approval from the TSX Venture Exchange (the “TSXV”) in respect of its qualifying transaction (the “Transaction”) with Largo Physical Vanadium (“LPV”) pursuant to Policy 2.4 - Capital Pool Companies of the TSXV. In connection with the Transaction and pursuant to TSXV requirements, CPC has filed a filing statement dated September 13, 2022 (the “Filing Statement”) on SEDAR (www.sedar.com). Once TSXV provides receipt of customary post-closing documentation, the LPV common shares (the “Common Shares”) will commence trading on the TSXV under the symbol “VAND”. The Company expects that the post-closing documentation will be completed by the end of September 2022. Paulo Misk, President and Chief Executive Officer of Largo commented: “Completion of the Qualifying Transaction represents an important milestone for Largo, LPV and the vanadium sector. Leveraging the unique characteristics of vanadium, prospective investors are now provided with a new vehicle to invest in physical vanadium and gain exposure to the long-term fundamentals of the commodity – a key transition metal for greener steel, strategic and energy storage industries.” He continued: “Through the segregation of vanadium, a key cost component of vanadium redox flow batteries (“VRFB”), LPV intends to enhance the adoption of VRFBs by prospective customers in the long duration energy storage market and thus, grow vanadium demand in the future.” LPV aims to provide a secure, convenient and exchange-traded investment alternative for investors interested in having direct exposure to physical vanadium and not speculating with regard to short-term changes in vanadium prices. LPV will offer pure-play exposure to vanadium and will initially hold approximately 200 mt of vanadium pentoxide equivalent contributed by the Company in connection with the Qualifying Transaction (the “Largo Contribution-in-Kind”) and further vanadium to be acquired with the proceeds of its CAD$30,220,000 subscription receipt financing that closed on April 14, 2022 (the “Financing”). LPV will acquire and store vanadium units in commercial forms as well as in electrolyte solutions for VRFB applications due to the unique non-de...