Largo Resources Ltd
Yukon Territory - Brazil - Ecuador: Gold-Copper, Vanadium PGE , tungsten/molybdenum
Message: Closes $500,000 Flow Through Private Placement Financing With MineralFields
| December 31, 2008 |
| Largo Resources Closes $500,000 Flow Through Private Placement Financing With MineralFields |
| TORONTO, ONTARIO--(Marketwire - Dec. 31, 2008) - NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES Largo Resources Ltd. (TSX VENTURE:LGO)(the "Corporation") is pleased to announce that that it has closed a $500,000 financing with MineralFields pursuant to which it has issued 6,250,000 flow-through units at a price of $0.08 per unit. Each unit was comprised of one flow-through common share and one-half of one share purchase warrant (each whole share purchase warrant, a "Warrant"). Each Warrant is exercisable for one common share at a price of $0.15 at any time prior to June 30, 2010. In connection with the financing, Largo has paid First Canadian Securities (R) a 6.5% cash finder's fee and issued 437,500 compensation options. Each compensation option entitles First Canadian Securities (R) to acquire one compensation unit at a price of $0.08 per compensation option exercised at any time prior to June 30,2 010. Each compensation unit shall be comprised of one non-flow-through common share and one-half of one Warrant. All securities issued in connection with the financing are subject to a four-month statutory hold period. The financing remains subject to receipt of applicable regulatory approvals including final approval of the TSX Venture Exchange. About MineralFields, Pathway and First Canadian Securities (R) MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R). About Largo Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO. For more information please refer to Largo's website: www.largoresources.com. |
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