TORONTO,
Dec. 16, 2018
/CNW/ - Largo Resources Ltd.
("Largo" or the
"Company") (TSX: LGO) (OTCQX: LGORF) is
pleased to announce that it has repurchased and retired an
additional US$26.0 million in
aggregate principal amount plus premium and accrued and unpaid
interest in consideration for the payment of US$27.4 million in cash. Following this
repurchase for cancellation the remaining aggregate principal
amount outstanding on the Company's 9.25% Senior Secured Notes due
2021 (the "Notes") is US$92.8
million, representing a significant decrease of
approximately 22%. The Notes were repurchased at 105.125% and the
Company worked with Jefferies LLC who arranged for and facilitated
the repurchase of the Notes.
Mark Smith, Chief Executive
Officer for Largo, stated: "We are very proud to report that upon
completion of this additional Note repurchase Largo's outstanding
debt balance is now less than US$100
million, highlighting another notable achievement by the
Company as a direct result of its strong financial performance. We
anticipate having the remainder of the Company's outstanding
balance repaid in Q2 2019 but will continue to repurchase
additional debt going forward should the opportunity arise and
terms be favorable."
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. The Company's
common shares are principally listed on the Toronto Stock
Exchange under the symbol "LGO". For more information
on Largo, please visit our website
at www.largoresources.com.
Forward-looking Statements
This press release contains forward-looking information
under Canadian securities legislation. Forward-looking
statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". All information
contained in this news release, other than statements of current
and historical fact, is forward looking information.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Largo to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to those
risks described in the annual information form of Largo and in its
public documents filed on SEDAR from time to time. Forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made. Although management of Largo
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Largo does not
undertake to update any forward-looking statements, except in
accordance with applicable securities laws. Readers should also
review the risks and uncertainties sections of Largo's annual and
interim MD&As.
Neither the Toronto Stock Exchange (nor its
regulatory service provider) accepts responsibility for the
adequacy or accuracy of this press release.
SOURCE Largo Resources Ltd.