Largo Announces Closing of the Second Tranche of its Current Private Placement

Largo Resources (TSX:LGO) has announced it has closed a second tranche of its up to $5 million non-brokered private placement offering of units.
As quoted in the press release:

The closing of the Second Tranche resulted in gross proceeds to the Company of CDN$1,092,800 from the sale of 2,428,442 units of the Company (the “Units“), which, together with the first tranche of the Offering (see the Company’s news release of September 7, 2016), has resulted in aggregate gross proceeds to the Company to date of approximately CDN$4.45 million from the sale of an aggregate of 9,893,997 Units. The proceeds realized from the Second Tranche will be used for ongoing working capital requirements at the Company’s Maracás Menchen Mine, and for general corporate and working capital purposes.
Each Unit was sold at a price of CDN$0.45 and consists of one common share of the Company (each, a “Common Shares“), and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant issued in the Second Tranche will be exercisable into one Common Share at a price of CDN$0.65 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.

Click here to read the full press release.