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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.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including statements regarding the anticipated use of proceeds. Forward-looking information is not a guarantee of future performance or results, since it involves risks and uncertainties. There is no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in forward-looking statements. Some of the factors on which the forward-looking statements are premised include (but are not limited to) the lack of material changes to general economic, market and business conditions. Forward-looking information is subject to the risk that those factors will not materialize, and to other risks, including the closing of the second tranche of the private placement and potential settlement of debt. Except as required by law, the Corporation does not assume and expressly renounces any obligation to update any forward-looking information, which is only applicable on the date on which it is given.