Largo Resources (“Largo” or the “Company”) (TSX: LGO) (OTCQB: LGORF) is pleased to announce that it, along with its operating subsidiary, Vanádio de Maracás (“Vanádio”), have entered into a binding term sheet (the “Agreement”) for the restructuring and conversion of Vanádio’s existing debt facilities with Banco Pine (the “Lender”).
Mark Smith, President and Chief Executive Officer for Largo, stated:
“We believe that this restructuring will result in a debt profile that will better enable the Company to match its future cash flows with its debt servicing obligations. We are very pleased with the strong support shown by Banco Pine in working with the Company to find a solution that benefits both parties.
This restructuring forms part of our continuing efforts to improve our overall capital structure and to drive better results for Largo and its shareholders.”