Largo Closes Second Tranche of Private Placement for US$26.8 Million

Largo Resources Ltd. (TSXV:LGO) announced that it’s closed the second and final tranche of the unit offering that it announced on January 19, 2016.
As quoted in the press release:

The closing of the Second Tranche resulted in gross proceeds to the Company of Cdn$23,357,649 from the sale of 133,472,280 Units which, together with the first tranche of the Offering (see the Company’s news release of January 29, 2016), has resulted in aggregate proceeds to the Company of approximately US$26.8 million (or Cdn$36,643,631) from the sale of an aggregate of 209,392,178 Units. The proceeds realized from the Second Tranche will be used for ongoing working capital requirements at the Company’s MaracásMenchen Mine which is a condition of the Company’s restructuring of its existing credit and export facilities with its consortium of Brazilian lenders (as previously disclosed in the Company’s press release of March 2, 2016) and for general corporate and working capital purposes.

Mark Smith, president and CEO of Largo, commented:

We are extremely pleased to have concluded this private placement. I would like to sincerely thank all who participated in this placement for their continued support of the Maracas Menchen Mine Project and the Largo team, and, to reiterate that we will continue to work hard to realize the Company’s full value.

Click here to read the full Largo Resources Ltd. (TSXV:LGO) press release.