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Largo Resources Announces Closing of First Tranche of Private Placement for Proceeds of $8 Million
Largo Resources Announces Closing of First Tranche of Private Placement for Proceeds of $8...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Announces Closing of First Tranche of Private Placement for Proceeds of $8 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 1, 2017\n\n\n\n/THIS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nTORONTO, Dec. 1, 2017 /CNW/ - Largo Resources Ltd. (TSX - LGO) (the \"Corporation\") is pleased to announce the closing of the first tranche (\"First Tranche\") of a non-brokered private placement of Units (as defined below) at a price of $0.82 per Unit (the \"Offering Price\"), for gross proceeds of up to $25,000,000 (the \"Offering\"). \n\n\n \n \n\n \nThe Corporation raised gross proceeds of $8,091,769 in the First Tranche through the issuance of 9,868,012 Units. No finders' fees were paid and no finders' warrants were issued in connection with this private placement. The Corporation intends to use the proceeds for working capital and repayment of debt.\n\nEach Unit consists of one common share in the capital of the Corporation and one half of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $1.15 for five years from the closing (each a \"Unit\").\n\nMark Smith, President and Chief Executive Officer for Largo, stated: \"The ongoing support of our shareholders underscores the belief our stakeholders continue to have in Largo and its future. This financing gives us the working capital we need at corporate to focus our resources and time on operations and debt restructuring in Brazil. We anticipate that 2018 will be a strong year for vanadium and for Largo.\"\n\nAn entity managed by Mr. Alberto Beeck, a director of Largo, subscribed for an aggregate of 6,205,365 Units under the First Tranche for gross proceeds to the Corporation of $5,088,399. Prior to the closing of the First Tranche, entities managed or advised by Mr. Beeck owned 10.35% of the Corporation's then issued and outstanding common shares and ...