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Largo Resources closes final tranche private placement, ARC funds a major buyer

Tungsten and Vanadium miner Largo Resources (CVE:LGO) reports it raised $26.8mln from a two-tranche private placement
Largo Resources closes final tranche private placement, ARC funds a major buyer
Largo adds to funds

Tungsten-Molybdenum and Vanadium miner Largo Resources (CVE:LGO) on Thursday reported it raised $26.8mln from a two-tranche private placement.

Funds managed by Arias Resource Capital Management LP (ARC funds) purchased an aggregate of 91,157,202 units in the second tranche for gross proceeds to the company of C$15.9mln.

Each unit was sold at a price of C$0.175 and consists of one common share of the company and one-half of one common share purchase warrant. Each warrant issued pursuant to the second tranche of the offering will be exercisable into one common share at a price of 29 Canadian cents per share for a period of five years from closing of the second tranche.

The second tranche of the placement netted $23.35mln, following around $3.5mln placed in the first tranche in January.

On Thursday, 1 US dollar equated to C$1.34.

Largo Resources shares were up 11.1% at C$0.25.

View full LGO profile View Profile

Largo Resources Ltd Timeline

Newswire
July 05 2016

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