Arias to take major share of Largo Resources' $70 mln financing

Canadian strategic mineral company Largo Resources Ltd (TSX-V: LGO) has topped up its previously announced financing deal to $70 million. The company said the amount was raised due to demand from existing investors, which include U.S. private equity firm Arias Resource Capital Management. Largo anticipates that Arias will buy up to $50.6 million of the offering. Upon completion of the transaction, Arias will hold about 47.8 percent of the company's issued and outstanding common shares, or more if convertible securities are exercised. Based in Toronto, Largo is currently focused on its vanadium mining project in Brazil. It also has mining projects in Canada.

DealsCanadaNorth AmericaBriefs