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.