Proceeds are expected to be used for general corporate purposes
By Devika Patel
Knoxville, Tenn., March 4 - Largo Resources Ltd. said it plans a C$7 million non-brokered private placement of stock.
The company will sell 30,434,783 common shares. The shares will be sold at C$0.23 apiece, which is a 4.55% premium to the March 1 closing share price of C$0.22.
Arias Resource Capital Management LP will invest C$1.39 million, and Mackenzie Investments is expected to invest C$607,000.
Settlement is expected March 8.
Proceeds will be used for general corporate purposes.
Largo is a Toronto-based resource development and exploration company.
| Issuer: | Largo Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$7 million
|
| Shares: | 30,434,783
|
| Price: | C$0.23
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Arias Resource Capital Management LP (for C$1,393,000) and Mackenzie Investments (for C$607,000)
|
| Pricing date: | March 4
|
| Settlement date: | March 8
|
| Stock symbol: | TSX Venture: LGO
|
| Stock price: | C$0.22 at close March 1
|
| Market capitalization: | C$191.31 million
|
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