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Largo Resources to raise C$23.6M via unit offering

Largo Resources Ltd. is looking to raise up to C$23.6 million via a nonbrokered private placement of up to 52.40 million units at 45 Canadian cents apiece.

Each unit will consist of a common share and a purchase warrant, exercisable for one common share at 65 cents within three years, the company said on Dec. 28.

As part of a 140 million Brazilian reais debt facility the company previously secured, it was required to inject an additional US$15.0 million for ongoing working capital requirements at the Maracas Menchen vanadium mine in Brazil before Dec. 31. The deadline is now extended to Jan. 10, 2017.