Largo Resources Ltd. (TSXV:LGO) announced the closing of a private placement for gross proceeds of $10 million. The proceeds from the placement will be used to acquire the remaining 10% interest in the Companhia de Maracás project.
As quoted in the press release:
The Offering was considered and approved by the board of directors of the Company. J. Alberto Arias, a director of Largo who is also the sole director of each of the general partners of the ARC Funds and indirectly controls Arias Resource Capital Management LP, declared a conflict and recused himself from voting on the Offering.