Arias to up investment stake in Canadian miner Largo Resources
Mining company Largo Resources Ltd (TSX-V: LGO) has announced plans to raise $30 million in a non-brokered private placement of units. Contingent on it securing $15 million from other investors, the company said that current backer U.S. private equity firm Arias Resource Capital Management is likely to provide an additional $15 million. Should the private placement offering be fully sold, the interest Arias holds in Largo will increase from approximately 25.8 percent of issued and outstanding common shares at present to as much as 33.6 percent. The Toronto-based Largo intends to use proceeds primarily for funding production at its Maracas Menchen vanadium mine in Brazil.
29 September 2014•6 mins read
