By Devika Patel
Knoxville, Tenn., March 8 - Largo Resources Ltd. said it completed a C$5 million initial tranche of a C$8 million private placement of special warrants. The partially non-brokered deal, a portion of which is being conducted via agents Byron Securities Ltd. and Clarus Securities Inc., priced Feb. 11.
The company is selling 36,363,636 special warrants at C$0.22 each. It sold 22,727,273 warrants in the first tranche.
The brokered offering consisted of a total of 19,500,002 special warrants sold as part of the first tranche; the remainder will be non-brokered.
The special warrants are convertible into units of one common share and one half-share warrant, with each whole warrant exercisable at C$0.35 for one year.
Proceeds will be used to acquire an additional 35.5% interest in the company's Maracas vanadium project in Brazil and for working capital purposes.
Largo is a Toronto-based resource development and exploration company.
Issuer: | Largo Resources Ltd.
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Issue: | Special warrants convertible into units of one common share and one half-share warrant
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Amount: | C$8 million
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Special warrants: | 36,363,636
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Price: | C$0.22
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Warrants: | One half-share warrant per unit upon conversion
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Warrant expiration: | One year
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Warrant strike price: | C$0.35
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Agent: | Byron Securities Ltd., Clarus Securities Inc. (for C$4.29 million), non-brokered
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Pricing date: | Feb. 11
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Settlement date: | March 8 (for C$5 million)
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Stock symbol: | TSX Venture: LGO
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Stock price: | C$0.23 at close Feb. 11
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Market capitalization: | C$49 million
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