Largo Resources Announces $7M Private Placement


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Largo Resources Ltd. (LGO.V) announced a $7 million non-brokered private placement of common shares at a price of $0.23 per common share resulting in the issuance of up to 30,434,783 common shares.

The company anticipates that approximately $1,393,000 of the offering, or up to 6,056,522 common shares, will be purchased by funds managed by Arias Resource Capital Management LP and approximately $607,000 of the offering, or an aggregate of 2,639,130 common shares, will be purchased by Mackenzie Investments.

Largo anticipates that the remaining $5 million of the offering will be purchased by existing shareholders of the company.

Proceeds will be used for general corporate purposes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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