TORONTO, Dec. 7, 2017 /CNW/ - Largo Resources Ltd. (TSX - LGO) (the "Corporation") is pleased to announce that due to favourable demand for participation in its previously announced non-brokered private placement (see press release dated December 1, 2017), (the "Offering"), the Offering is being increased from a maximum of $25 million to a maximum of $35 million.
The Corporation anticipates that it will close the second tranche of the Offering on or about December 11, 2017.
Mark Smith, President and Chief Executive Officer for Largo, stated: "We are delighted by the excellent response to the Offering and the ongoing support of our shareholders. We also welcome our new shareholders and remain committed to delivering strong operating and fiscal performance for the benefit of all our stakeholders."
About Largo Resources Ltd.
Largo Resources Ltd. is a strategic mineral company focused on the production of vanadium pentoxide at its Vanadio de Maracás Menchen Mine. Vanadium is primarily used as an alloy to strengthen steel and reduce its weight. Vanadium enhanced steels are used in a vast and growing range of products that are used and encountered every day; including, rebar, automobiles, transport infrastructure etc. As trends in the steel industry now demand increasingly stronger and lighter products for advanced applications, the use of vanadium is expected to grow over the medium and long term. Largo also has interests in a portfolio of other projects, including: a 100% interest in the Currais Novos Tungsten Tailings Project in Brazil; a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project in Brazil; and a 100% interest in the Northern Dancer Tungsten-Molybdenum property in the Yukon Territory, Canada. For more information, please visit www.largoresources.com.
