Largo Resources Ltd

Yukon Territory - Brazil - Ecuador: Gold-Copper, Vanadium PGE , tungsten/molybdenum

Free
AGORACOM NEWS FLASH

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Sincerely,

George et al

Message: Closes Private Placement Financing and Announces Shares for Debt Settlement
Reply New Message
Prev Message Back To Forum Threaded View Next Message

Closes Private Placement Financing and Announces Shares for Debt Settlement

posted on Feb 05, 2009 01:24PM
February 5, 2009
Largo Resources Closes Private Placement Financing and Announces Shares for Debt Settlement

Working Captial of $3.1 million increased through private placement, shares for debt and flow through funding
TORONTO, ONTARIO--(Marketwire - Feb. 5, 2009) - Largo Resources Ltd. ("Largo" or the "Company") (TSX VENTURE:LGO) is pleased to announce that it has increased working capital by approximately $3.1 million by private placement, shares for debt and flow through funding.

Today, Largo closed its previously announced non-brokered private placement financing through the issuance of 39,319,511 common shares at $0.06 per common share for total gross proceeds to the Company of $2,359,170.74.

The closing remains subject to receipt of applicable regulatory approvals including final approval of the TSX Venture Exchange.

The common shares will be subject to resale restrictions for a period of four months plus one day from the closing date. In connection with the financing, Largo has paid Delano Capital Corp. and Union Securities Ltd. (the "Agents") a finder's fee equal to 5.0% of the gross proceeds raised by each of the Agents respectively.

This financing is in addition to the $500,000 flow-through financing previously announced and closed on December 31, 2008.

In addition, Largo is pleased to announce that it has successfully reached a settlement agreement with creditors of the Company to re-structure $243,717.36 in outstanding net debt. Largo will settle the outstanding amount through the issuance of 4,061,956 common shares of the Company. This transaction is subject to TSX Venture Exchange approval. Following the completion of this debt settlement, Largo will have 171,864,476 common shares issued and outstanding.

The proceeds of the financing will be used by the Company for completion of the Localization License; the crucial environmental license, at its Maracas Vanadium-PGM deposit in Bahia, Brazil and for working capital purposes.

About Largo

Largo Resources 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. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO.

For more information please refer to Largo's website: www.largoresources.com.
3 Recommendations
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply