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

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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 Marac├ís Menchen Mine located in Bahia State, Brazil.

 

Posted January 9, 2019

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