Largo Resources Ltd. (TSXV:LGO) announced a new $10 million private placement. The placement will issue 45,454,546 common shares at $0.22 per share. The Company plan to use $8 million of the proceeds of the placement to acquire the remaining 10% minority interest in Companhia de Maracás.
As quoted in the press release:
Out of the net proceeds of the Offering US$8 million will be used to acquire the remaining 10% minority interest in Companhia de Maracás, which indirectly holds the Maracás project located in Brazil, that the Company does not already own and for general corporate purposes. The Agents will be paid a fee of 6% of the aggregate gross proceeds raised in excess of $4,000,000.