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Largo Resources Ltd. Announces Completion of Restructuring of Debt Facilities with Banco Pine
Largo Resources Ltd. Announces Completion of Restructuring of Debt Facilities with Banco P...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources Ltd. Announces Completion of Restructuring of Debt Facilities with Banco Pine\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\n\nCanada NewsWire\nTORONTO, April 4, 2018\n\n\n\nTORONTO, April 4, 2018 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQB: LGORF) is pleased to announce that it, along with its operating subsidiary, Vanádio de Maracás S.A. (\"Vanádio\"), have completed a restructuring and conversion of Vanádio's existing debt facilities with Banco Pine S.A (the \"Lender\") all in accordance with the terms previously announced in the Company's press release of March 8, 2018.\n\nAs a result of the restructuring, approximately USD$9 million of debt owed by VMSA has been paid down and the remaining balance (being R$69 million or approximately $USD 20.8 million) has been restructured over an approximately 6.5 year period all in accordance with the terms more fully set out in the March 8, 2018 press release. The completion by VMSA and Largo of this restructuring together with the closing of the shares-for-debt transaction between the Largo and the Lender completed on December 13, 2017 (see press release of the same date), has resulted in the complete restructuring of the previously existing debt facilities with the Lender. \n\nMark Smith, President and Chief Executive Officer for Largo, stated: \"We are very pleased with the result of this restructuring and believe that this complete restructuring with Banco Pine is a strong first step in creating a debt profile that enables the Company to better match its future cash flows with its debt servicing obligations.  We would like to thank Banco Pine for the support it has shown the Company and for working with us to find a restructuring solution that benefits both parties.  Largo has been able to achieve these great results in part due to the continued strength in the price of vanadium which is now driving much improved cash flow at operations.\"\n\nAbout Largo\n\nLargo is a Toronto-based strategic mineral company focused on the produ...