Largo Resources Ltd.(TSXV:LGO) announced entering into a definitive agreement with the Business Development Bank of Brazil for the closure of the BNDES debt-facility for Maracas.
As quoted in the press release:
The first disbursement by BNDES of approximately R$57 million of the Facility to Largo is expected to occur on or around July 16, 2012.
Largo Resources, President and Chief Executive Officer, commented:
We are enormously excited to announce the closure of the BNDES debt-facility for Maracas. Coupled with the funds from the equity issuance last year, the completion of the BNDES facility concludes the funding process for the project.” He continued, “This is perhaps the most significant milestone to date in the development of the project, and although it has been a long time in progress, we continue to believe that the terms of this facility ultimately add significantly to the value of returns for the project and our shareholders.