Largo Resources Ltd

Published : March 17th, 2015

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Keywords :   Canada | G Mexico | Mexico |

/C O R R E C T I O N from Source -- ARIAS RESOURCE CAPITAL FUND L.P./

/THE DISSEMINATION OF THIS RELEASE IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICE MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

/FOR DISSEMINATION IN CANADA AND OVER CANADIAN NEWS SERVICES ONLY/

TORONTO , March 16, 2015 /CNW/ - Arias Resource Capital Fund L.P. ("ARCF I"), Arias Resource Capital Fund II L.P. ("ARCF II") and Arias Resource Capital Fund II ( Mexico ) L.P. ("ARCF II Mexico", together with ARCF I and ARCF II, the "ARC Funds") previously announced on March 13, 2015 that they advanced an aggregate of Cdn$3,000,000.01 (the "Advance") under the Cdn$12 million non-revolving, convertible term loan facility (the "Bridge Loan") with Largo Resources Ltd. ("Largo")(LGO.V).

The Bridge Loan bears an interest rate of 20% per annum.  The Bridge Loan has a 6-month term and is expected to be drawn down by Largo over approximately 8 weeks on a bi-weekly basis.  The Bridge Loan is convertible at the option of the ARC Funds, in whole or in part, into common shares of Largo ("Common Shares") at a conversion price of CDN$1.01 per Common Share (the "Conversion Price").

The ARC Funds currently own an aggregate of 30,787,975 Common Shares and 8,924,124 Common Share purchase warrants ("Warrants"), each Warrant exercisable for one Common Share at an average exercise price of Cdn$3.57 per Common Share.  J. Alberto Arias , the sole director of each of the general partners of the ARC Funds and a director on the board of Largo, currently holds options to purchase 100,000 Common Shares of Largo ("Options") at an exercise price of Cdn$2.80 per Common Share.  These options, awarded for service on the board of Largo, are exercisable according to an annual vesting schedule and to date, 25,000 of such Options have vested.  The value of any securities acquired by Mr. Arias on the exercise of such Options would be held for the benefit of the ARC Funds on a pro rata basis according to their respective governing agreements.

Accordingly, assuming of the exercise in full of the Warrants, the conversion in full of the Advance under the Bridge Loan and the exercise in full of the vested Options, the Common Shares held by J. Alberto Arias and the ARC Funds, collectively, would represent approximately 35.24% of the total outstanding Common Shares of Largo, on a partially-diluted basis (after giving effect to the 10:1 consolidation of Common Shares effective October 17, 2014 ), as summarized below:



Number of Common Shares that could be
acquired upon exercise or conversion



Common
Shares Owned

Warrant
Shares

Bridge Loan
Shares

Option Shares


TOTAL

J. Alberto Arias

---

---

---

25,000

25,000

ARCF I

10,580,323

1,783,419

1,020,745

---

13,384,487

ARCF II

19,122,685

6,757,317

1,844,877

---

27,724,879

ARCF II (Mexico)

1,084,967

383,388

104,673

---

1,573,028

TOTAL:

30,787,975

8,924,124

2,970,295

25,000

42,707,394

Pursuant to the Bridge Loan documents, the ARC Funds have been granted a participation option to subscribe for up to an aggregate of Cdn$40 million of securities under any proposed offering of Common Shares or securities exchangeable or convertible into Common Shares on or after the date of the Bridge Loan agreement (the "Participation Right"). Under the Participation Right, in respect of any proposed equity offering, the ARC Funds, collectively, may subscribe for that number of securities having an aggregate purchase price equal to the lesser of (a) the aggregate purchase price of all such securities; (b) Cdn$40 million ; and (c) Cdn$40 million less the aggregate purchase price of all securities previously acquired by the ARC Funds pursuant to the Participation Right.  The Participation Right is subject to the participation rights of parties other than the ARC Funds under the investor nomination rights and governance agreement among Largo, the ARC Funds and certain other parties (the "Governance Agreement").  The Participation Right supersedes and is not limited by the ARC Funds' pre-emptive rights to maintain their pro rata ownership interest in Largo under the Governance Agreement. 

The ARC Funds are managed by Arias Resource Capital Management LP (the "Manager").  The respective general partner of each of the ARC Funds retains the power to make investment and voting decisions in respect of the Largo securities beneficially owned by the ARC Funds.  J. Alberto Arias is the sole director of each of the general partners of the ARC Funds and indirectly controls the Manager.  As such, Mr. Arias may be deemed to share voting and dispositive power with respect to the Largo securities beneficially owned by the ARC Funds, but he disclaims any beneficial ownership of any such securities, except to the extent of his pecuniary interest therein.  Mr. Arias declared a conflict and recused himself from voting on the Bridge Loan.

The ARC Funds may, from time to time, subject to all necessary regulatory approvals, acquire additional securities of Largo and/or dispose of such securities as they may deem appropriate.

This news release has been disseminated in accordance with the early warning requirements of Canadian provincial securities laws.

SOURCE ARIAS RESOURCE CAPITAL FUND L.P.

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Largo Resources Ltd

DEVELOPMENT STAGE
CODE : LGO.V
ISIN : CA5171031076
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Largo Res. is a gold and copper exploration company based in Canada.

Largo Res. develops gold, copper and tungsten in Brazil, and holds various exploration projects in Canada.

Its main asset in development is CURRIAS NOVO in Brazil and its main exploration properties are MACUCHI in Ecuador, MARACAS in Brazil and NORTHERN DANCER in Canada.

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Financings of Largo Resources Ltd
7/3/2012Largo Closes BNDES Debt Financing Facility and Converts Subs...
3/9/2012Largo Provides Update on BNDES Debt Financing Facility
4/12/2011(Maracas)Largo Closes Financing Intended to Fund Development of Its M...
3/29/2011Largo Announces Increase to Previously Announced Equity Offe...
3/15/2011Announces Plans for $110 Million Equity Financing
3/11/2011 Largo Announces Plans for $110 Million Equity Financing
Nominations of Largo Resources Ltd
3/9/2015Provides Corporate Update and Announces New Chief Executive ...
11/11/2013Largo appoints Mr. Michael Mutchler to the position of Chief...
9/4/2013Largo appoints Mr. Ernest M. Cleave to the position of Chief...
6/29/2012Largo announces the election of David Brace, Wayne Egan and ...
Project news of Largo Resources Ltd
7/5/2016- Largo Achieves a New Monthly Production Record of 801 Tonn...
5/5/2016- Largo Produces 730 Tonnes of Vanadium in April
12/3/2013Construction Target Reached
11/30/2013(Maracas)Largo provides update on Capex Budget for the Maracas Vanadi...
11/20/2013Construction Targets Reached
10/23/2013Largo Resources - Energized and Commissioning
9/10/2013Another Construction Target Reached
8/21/2013Largo Resources provides operational update
8/8/2013(Maracas)Equipment Arriving at Maracas
7/26/2013Arrival of Equipment at Port
7/25/2013Another Construction Target Reached
5/23/2013Another Construction Target Reached
4/8/2013Project Map and Process Flow
1/23/2013(Maracas)Largo to commence electrical-mechanical assembly at its Mara...
1/21/2013/R E P E A T -- Largo announces positive preliminary economi...
11/2/2012(Maracas)New Videos of Construction at the Maracas Vanadium Project
9/21/2012(Maracas)New Video from the Maracas Vanadium Project
9/13/2012(Maracas)Largo announces results of a technical report for its Maraca...
7/31/2012(Maracas)Largo provides update on development at its Maracas Vanadium...
6/4/2012(Maracas)Largo commences full construction activities at its Brazil M...
5/28/2012(Maracas)Largo mobilizing for groundbreaking at its Maracas Vanadium ...
4/2/2012Largo completes clearing of site to begin civil construction...
7/21/2011Largo Starts Processing Tailing Materials at Its Currais Nov...
6/15/2011(Northern Dancer)Largo Announces Purchase of Final30% Option on the Northern ...
6/2/2011(Maracas)Largo Secures Land Rights for Mini =?ISO-8859-1?Q?ng=20and=2...
5/17/2011(Maracas)Largo Commences Drilling at Its Ma =?ISO-8859-1?Q?racas=20Va...
4/27/2011(Maracas)Largo to Initiate Exploration Drill =?ISO-8859-1?Q?=20Progra...
4/19/2011(Maracas)Engages Promon to Engineer and Build Maracas Vanadium Projec...
4/5/2011(Currias Novo)Provides Update on Production Schedule for Currais Novos Tun...
3/29/2011(Maracas)Largo Acquires an Additional 10% Interest in the Maracas Van...
3/15/2011(Northern Dancer)Largo Announces Extension of Option to Purchase Final 30% of...
2/28/2011(Northern Dancer)Announces Positive Preliminary Economic Assessment for North...
1/25/2011(Currias Novo)Signs LOI for Four New Properties in the Currais Novos Tungs...
Corporate news of Largo Resources Ltd
7/18/2016- Largo Resources announces non-binding M.O.U. with Vionx En...
6/30/2016Announcing Graduation to TSX
6/29/2016Largo Resources Announces Graduation to TSX
6/2/2016Largo Sets a New Monthly Production Record of 780 Tonnes in ...
5/26/2016Largo announces significant increase in Maracás Project Mine...
5/10/2016Approval for tradinb on the OTC Markets Group Listing
5/10/2016Largo Resources Ltd. announces OTC Markets Group Listing
5/5/2016Largo Produces 730 Tonnes of Vanadium in April
4/11/2016Largo Announces Changes to Management Team
1/29/2016Largo announces closing of the first tranche of recently ann...
1/19/2016Largo announces non-brokered private placement of up to CDN$...
1/15/2016Largo Announces Bridge Loan of US$1 Million
1/14/2016Largo Announces Bridge Loan of US$1 Million
12/17/2015Largo Resources Ltd. announces signing indicative term sheet...
10/6/2015Largo Resources Announces Alliance With Murdock Capital Part...
8/26/2015Largo achieves daily production record of 110% capacity
8/4/2015Largo produces over 600 tonnes of vanadium In July
7/13/2015Largo announces the election of Mr. Daniel Tellechea, Mr. Sa...
7/8/2015Largo Appoints John Ashburn to the position of Chief Legal O...
4/11/2015ARC Funds Advance Additional CDN$2 Million under Largo Bridg...
3/27/2015ARC Funds Advance Additional CDN$3 Million under Largo Bridg...
3/20/2015Largo announces closing of convertible bridge loan facility ...
3/17/2015/C O R R E C T I O N from Source -- ARIAS RESOURCE CAPITAL F...
3/14/2015ARC Funds Advance CDN$3 Million under Largo CDN$12 Million C...
3/11/2015Largo Provides Corporate Update and Announces New Chief Exec...
3/9/2015Largo Receives Indicative Term Sheet From Existing Lenders F...
3/9/2015Largo Provides Corporate Update and Announces New Chief Exec...
2/2/2015Largo Provides 2015 Production Guidance and Outlook
1/29/2015Largo Resources responds to market activity
2/18/2014Largo Resources on BNNs Commodities Tomorrow
2/4/2014Latest Video
2/3/2014(Maracas)Largo Provides Operational Update - Maracas on Track for Tar...
1/28/2014Latest Pictures
1/9/2014Latest Pictures
11/26/2013Largo Provides Operational Update - Maracás on track for Q1
11/19/2013(Maracas)Panoramic View of Maracas Construction
11/13/2013Vanadium Market Update & Latest Pictures
11/8/2013Latest Pictures
11/4/2013Kiln Rollers Have Arrived
10/29/2013Latest Pictures
10/23/2013(Maracas)Maracas Energized and Commissioning
10/21/2013Largo completes construction of electrical power line and co
10/16/2013Panoramic View & Latest Pictures
10/10/2013Latest Pictures
10/3/2013Largo Provides Operational Update
9/30/2013(Maracas)2013 - Largo wins Best Mining Finance Award from Latin Finan...
9/18/2013(Maracas)Panoramic View of Maracas Construction
9/16/2013Latest Pictures
9/6/2013A New Look For Largo
9/4/2013Arrival of Shells for Kiln
8/22/2013Message from Management & Latest Pictures
8/7/2013Latest Pictures
7/23/2013Latest Pictures
7/11/2013Latest Pictures
6/21/2013(Maracas)Panoramic View of Maracas Construction
6/19/2013Latest Pictures
6/13/2013provides operational update
5/21/2013(Maracas)Panoramic view of Maracas construction
4/16/2013Interview with Les Ford, Largo's Resident Vanadium Expert
4/15/2013Gold may be off – but Vanadium isstaying Strong
4/4/2013Latest Pictures
3/19/2013Latest Pictures: A Construction Milestone
3/12/2013Latest Pictures
3/11/2013(Maracas)Largo wins Mining and Metals Deal of the Year Award, 2012 fr...
2/21/2013News Release
2/19/2013(Maracas)Latest Pictures from Maracas
1/18/2013(Maracas)Largo announces positive preliminary economic assessment for...
1/10/2013Vanadium Market Update
10/30/2012Largo Provides Operational Update
10/11/2012Announces C$10 Million Marketed Private Placement Financing ...
10/4/2012Largo Pours First Concrete for Plant Foundations at Its Mara...
9/26/2012(Maracas)Largo to investigate expansion of production at its Maracas ...
9/17/2012(Maracas)Largo announces substantial increase to its mineral resource...
7/18/2012BNDES Makes First Disbursement Under Facility
7/3/2012IIROC Trading Resumption - LGO
3/30/2012Largo Provides Update on BNDES Facility
3/29/2012(Maracas)Largo announces final assay results from the resource expans...
2/6/2012Largo Resources Appoints John Laurie as Chief Financial Offi...
1/9/2012Largo Resources Appoints Ken Kuchling as Vice President of E...
12/14/2011Largo Resources Announces First Commercial Shipment From Cur...
12/9/2011Largo Announces Early Release of $11 Million of Escrow Share...
10/24/2011(Maracas)Largo Resources Receives Installation License/Construction L...
10/13/2011Largo Resources Begins Exploration on New Project Areas Near...
9/14/2011(Maracas)Largo Continues to Report High Grade Drill Results from Its ...
8/22/2011(Maracas)Largo Announces High Grade Drill Results from Its Maracas Pr...
7/6/2011(Northern Dancer)Largo Begins Drill Program for Current Prefeasibility Study ...
6/29/2011Largo Announces Positive Preliminary Metallurgical Test Resu...
6/9/2011(Maracas)Largo Submits Application for Construction License for the M...
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TSX-V (LGO.V)Other OTC (LGORF)
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