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Nov 30, 2009
LARGO RESOURCES ANNOUNCES FLOW-THROUGH PRIVATE PLACEMENT FINANCING
17:58 EST Monday, November 30, 2009
TORONTO, ONTARIO--(Marketwire - Nov. 30, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Largo Resources Ltd. (TSX VENTURE:LGO) ("Largo or the "Company") announces that the Company has agreed to issue 5,555,555 flow-through shares (the "FT Shares") at a price of $0.18 per share for total gross proceeds of approximately $1,000,000.
Upon closing of the financing, Largo shall pay Byron Securities Ltd. ("Byron") a 5% cash fee and shall issue up to 277,777 agent's warrants. Each agent's warrant shall entitle Byron to acquire one common share of the Company at a price of $0.18 per agent's warrant for a period of 18 months following the closing date of the issue.
Closing of the offering is anticipated to occur on or about December 11th, 2009 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.
The FT Shares will be subject to resale restrictions for a period of four months plus one day from the closing date.
The gross proceeds from the offering will be used for eligible Canadian exploration expenses that qualify as Canadian exploration expenses (as defined in the Income Tax Act, (Canada)) and will be renounced for the 2009 taxation year.
About Largo
Largo Resources Ltd. is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. The company is listed on the TSX Venture Exchange under the symbol LGO.
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