Funds used to acquire 10% minority interest in Companhia de Maracás
By Devika Patel
Knoxville, Tenn., Oct. 11 - Largo Resources Ltd. said it plans a C$10 million private placement of stock through a syndicate of agents led by RBC Capital Markets and including co-lead agents Scotiabank and Byron Capital Markets.
The company will sell 45,454,546 common shares on a best efforts basis. The shares will be sold at C$0.22 apiece, which is identical to the Oct. 10 closing share price.
Funds managed by Arias Resource Capital Management LP and Mackenzie Investments are expected to invest C$9.8 million.
Settlement is expected Oct. 25.
Proceeds will be used to acquire the remaining 10% minority interest in Companhia de Maracás, which holds the Maracás project in Brazil, and for general corporate purposes.
Largo is a Toronto-based resource development and exploration company.
| Issuer: | Largo Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 45,454,546
|
| Price: | C$0.22
|
| Warrants: | No
|
| Agent: | RBC Capital Markets (lead), Scotiabank and Byron Capital Markets (co-leads)
|
| Investors: | Arias Resource Capital Management LP and Mackenzie Investments (for C$9.8 million)
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 25
|
| Stock symbol: | TSX Venture: LGO
|
| Stock price: | C$0.22 at close Oct. 10
|
| Market capitalization: | C$173.07 million
|
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