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Largo Resources Agrees to Repurchase Additional US$8.1 Million of its 9.25% Senior Secured Notes Due 2021

 

 

 

 

 

Largo Resources Ltd. (TSX: LGO) (OTCQX: LGORF) is pleased to announce that it has agreed to repurchase and retire an additional US$8.1 million in aggregate principal amount plus premium and accrued and unpaid interest. Following this repurchase for cancellation the remaining aggregate principal amount outstanding on the Company’s 9.25% Senior Secured Notes due 2021 will be approximately US$37.0 million, representing a further decrease of approximately 18% of its current outstanding Notes. The Company is working with Jefferies LLC who will arrange for and facilitate the repurchase of the Notes effective January 28, 2019 at 105.625%.

 

Mark Smith, Chief Executive Officer for Largo, stated: “Largo continues to make debt reduction a priority and has taken advantage of an additional opportunity to further eliminate a portion of its Notes by US$8.1 million. This repurchase for cancellation represents a significant decrease of approximately 75% of the Company’s total outstanding Notes since May 2018 which is something the Company is extremely proud of.”

 

About Largo Resources

 

Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil.

 

Posted January 9, 2019

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