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3/4/2013 7:21:01 PM
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.