Sign up USA
Proactive Investors - Run By Investors For Investors

Largo closes C$1.09mln second tranche of placement

Largo Resources Ltd. has closed a second tranche of its up to C$5mln non-brokered private placement offering of units
Largo closes C$1.09mln second tranche of placement
Gross proceeds now C$4.45mln

Largo Resources Ltd. (TSE:LGO) has closed a second tranche of its up to C$5mln non-brokered private placement offering of units.

The closing of the second tranche resulted in gross proceeds to the company of C$1,092,800 from the sale of 2,428,442 units of the company, which, together with the first tranche of the offering has resulted in aggregate gross proceeds to the company to date of approximately C$4.45mln from the sale of an aggregate of 9,893,997 units.

The proceeds realised from the second tranche will be used for continuing working capital requirements at the company's Maracas Menchen mine, and for general corporate and working capital purposes.

Each unit was sold at a price of 45 cents and consists of one common share of the company and one-half of one common share purchase warrant. Each warrant issued in the second tranche will be exercisable into one common share at a price of 65 cents per share for a period of three years from closing of the second tranche. All securities issued in the offering will be subject to a four-month hold from the date of issuance.

An entity controlled by Alberto Beeck, a director of Largo, subscribed for an aggregate of 555,555 units under the second tranche of the offering. Pursuant to Multilateral Instrument 61-101 (protection of minority securityholders in special transactions), the purchase, by the entity controlled by Mr. Beeck, of the units under the offering, is a related-party transaction.

View full LGO profile View Profile

Largo Resources Ltd Timeline

July 05 2016

Related Articles

Top of King River's Mt Remarkable project
June 28 2018
The Speewah project includes Australia's largest titanomagnetite hosted vanadium resource.
November 01 2017
Pan Asia Metals is building strength in depth in South East Asia
March 06 2018
Production at Thalanga is forecast to grow more than 50% between 2018 and 2019.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use