TORONTO, June 5, 2019 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) announces that it has repurchased approximately US$6.7 million in principal amount of its 9.25% Senior Secured Notes due 2021 (the "Notes"). The Notes were repurchased at a purchase price of 103% of the principal amount thereof plus accrued and unpaid interest to, but not including, the purchase date, pursuant to the terms of the excess cash flow offer that Largo was obligated to make to holders of Notes in accordance with the indenture governing the Notes. The excess cash flow offer was made pursuant to an offer to purchase dated May 3, 2019, which set forth the terms of the excess cash flow offer. In aggregate, Largo paid approximately US$6.9 million in connection with the repurchase under the excess cash flow offer (including principal, premium and accrued but unpaid interest). Following this repurchase, the principal amount remaining outstanding under the Notes is approximately US$22.4 million.
About Largo Resources
Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "LGO". For more information on Largo, please visit our website at www.largoresources.com.
Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of application Canadian securities legislation ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to management's assessment of the cause of the remeasurement of the trade receivables, the quantum of the remeasurement adjustment, and the anticipated impact of the remeasurement adjustment on the Company's net income (loss) for the period . Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.
SOURCE Largo Resources Ltd.
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