Business
Largo Provides Update on Proposed Qualifying Transaction for New Physical Vanadium Holding Company, Largo Physical Vanadium Corp.
TORONTO / Apr 19, 2022 / Business Wire / Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to provide an update on Largo Physical Vanadi
About this update from Largo Inc.
[{"type":"text","content":"TORONTO / Apr 19, 2022 / Business Wire / Largo Inc. (\"Largo\" or the \"Company\") (TSX: LGO) (NASDAQ: LGO) is pleased to provide an update on Largo Physical Vanadium Corp. (“LPV”) and the proposed qualifying transaction (“Qualifying Transaction”) with Column Capital Corp. (the “CPC”) that was announced in the Company’s press release dated February 3, 2022. LPV and CPC have entered into a definitive agreement (“Definitive Agreement”) dated April 14, 2022, which sets out the terms and conditions of a three-cornered amalgamation that will result in CPC acquiring all of the issued and outstanding securities of LPV in exchange for securities of CPC and will result in a reverse-takeover of CPC by LPV to form a combined entity (the “Resulting Issuer”), expected to be named “Largo Physical Vanadium Corp.”. For full details on the Definitive Agreement, please refer to CPC’s press release dated April 14, 2022. Upon completion of the Qualifying Transaction, it is expected that the Resulting Issuer will be a publicly listed physical vanadium holding company that will purchase and hold physical vanadium, providing investors with ownership and exposure to vanadium. Paulo Misk, President and CEO of Largo commented: “We are very pleased with the advancement of LPV and are proud to be an initial strategic investor as it develops into a strategic source of value for Largo’s two-pillar business strategy.” He continued: “Upon completion of the Qualifying Transaction and applicable regulatory and stock exchange approvals, we believe LPV will offer potential investors direct exposure to the attractive opportunity presented by the long-term fundamentals of vanadium—a key transition metal for greener steel, strategic and energy storage industries—in an environment of tightening supply and increasing demand.” Overview of the Resulting Issuer: Largo Physical Vanadium Corp. Upon completion of the Qualifying Transaction, the Resulting Issuer is expected to provide a secure, convenient and exchange traded alternative for investors interested in direct investment exposure to physical vanadium and its use in ESG-friendly energy transition and industrial applications, including vanadium redox flow batteries (“VRFBs”) and greener steel. Physical inventory purchased by the Resulting Issuer will be unencumbered, other than by rights under the Safekeeping Agreeme...