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Largo announces non-brokered private placement of up to CDN$39 million
Largo announces non-brokered private placement of up to CDN$39 million Largo annou...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo announces non-brokered private placement of up to CDN$39 million\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 non-brokered private placement of up to CDN$39 million\nCanada NewsWire\nTORONTO, Jan. 19, 2016\n\n\n\nTORONTO, Jan. 19, 2016 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") is pleased to announce that the Company has arranged a non-brokered private placement offering for expected aggregate gross proceeds of up to US$26,500,000 (approximately CDN$39,000,000) (the \"Offering\"). \n\nPursuant to the Offering, the Company will issue an aggregate of up to 222,857,143 units (the \"Units\") at a price of CDN$0.175 per Unit. Each Unit will consist 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$0.29 per share for a period of five years from closing of the Offering. Largo intends to use the proceeds from the Offering for ongoing working capital requirements at the Company's Maracás  Menchen Mine which is a condition of the Company's restructuring of its existing credit facilities with its consortium of Brazilian lenders as disclosed in its press release of December 17, 2015, and for general corporate and working capital purposes.\n\nThe Common Shares and Warrants (and any shares issued upon the exercise of any Warrants) issued to subscribers resident in Canada in the Offering will be subject to a statutory four-month hold period. The Offering is expected to close on or about January 22, 2016 and is subject to certain closing conditions, including, but not limited to, the receipt of applicable regulatory approvals (including the approval of the TSX Venture Exchange) and the completion of the required regulatory filings with the TSX Venture Exchange. The Company anticipates that insiders of the Company may purchase up to all of the Units issued in the Offering.\n\nAbout Largo\n\nLargo (TSX-V: LGO) is a growing strategic mineral company focus...