Arias increases Largo Resources' stake to up to 64.73 pct
Funds affiliated with U.S. private equity firm Arias Resource Capital Management have acquired units in Largo Resources Ltd (TSX-V: LGO) in the first tranche of a new $39 million (US$26.5 million) private placement. Toronto-based Largo announced the deal earlier this month, noting the proceeds would support on-going working capital requirements at its vanadium mining project in Brazil, among other priorities. With the deal, Arias will increase its existing stake in the company to as much as 64.73 percent of total outstanding common shares. Last year, Arias agreed to provide most of a $70 million financing of Largo.
1 February 2016•3 mins read
