- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Largo Resources Ltd. (TSXV:LGO) announced that its operating subsidiary, Vanadio de Maracas SA, has entered into definitive agreements for a new debt facility with its consortium of Brazil-based commercial banks.
Largo Resources Ltd. (TSXV:LGO) announced that its operating subsidiary, Vanadio de Maracas SA, has entered into definitive agreements for a new debt facility with its consortium of Brazil-based commercial banks. The agreements also cover the restructuring of the company’s export credit facilities for the Maracas Menchen mine.
The terms of the new facility include:
- Working capital facility of up to R$104,596,000 (Brazilian reais), disbursed in 11 monthly payments over 2016.
- Working capital facility in an amount equivalent to the mark-to-market value of the swap contract applicable to one of the Company’s Export Facilities.
- Margin equal to the Interbank rate (CDI) + 5.70% per annum.
- Two-year grace period on the payment of interest and principal, measured from the disbursement date. Quarterly repayment (in arrears) of the New Facility commencing after the end of the grace period.
- Final maturity 84 months after the disbursement date.
- Use of proceeds strictly to pay interest and principal falling due under the Company’s existing construction debt facility and to pay the swap settlements pertaining to one of the Company’s Export Facilities.
Mark Smith, president and CEO of Largo, commented:
With a world class vanadium resource, well established metallurgy, low unit production costs and a high performance team, Largo has been able to successfully restructure its debt and is now in a position to close the final tranche of its current financing imminently. With the changes occurring in the world-wide vanadium market, including, bankruptcy proceedings for several South African vanadium producers, similar troubles in Russia and fundamental changes in the Chinese vanadium industry, including the cessation of operations at several older vanadium slag producing steel mills and the increased importation of seaborne iron ore that does not contain vanadium, Largo is now well positioned for success as the world faces a potentially significant reduction in vanadium supply.
Click here to read the full Largo Resources Ltd. (TSXV:LGO) press release.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.