Largo to raise capital after Maracás runs over budget

Dec 02, 2013 | 01:34 PM | Daniel Fitzgerald

Tags  Largo Resources, Maracás, vanadium, private placement, Arias Resource Capital Management, Mark Brennan, Daniel Fitzgerald

NEW YORK — Largo Resources Ltd. has announced a Canadian $17-million ($16-million) nonbrokered private placement of 85 million common shares after delays in the construction of its Maracás vanadium mine in Brazil saw the project run $18 million over its original budget.

Largo anticipates that about C$15 million ($14.1 million) of the offering will be purchased by funds managed by New York-based private equity firm Arias Resource Capital Management LP (ARC), while the remaining C$2 million ($1.9 million) will be purchased by Largo shareholders.....

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