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Largo ups private placement to C$35M from C$25M

Largo Resources Ltd. on Dec. 7 increased the size of its previously announced nonbrokered private placement to up to US$35 million, from US$25 million.

The company raised C$8.1 million in the first tranche of the units placement, priced at 82 cents per share.

Each unit consists of 1 common share and half of a share purchase warrant, with each whole warrant exercisable for 1 common share at C$1.15 for five years from closing.

The proceeds will be used for working capital and to repay debt. The second tranche of the offering is expected to close by Dec. 11.