Largo Resources Repays All Existing Long-term Brazilian Debt Largo Resources Repays All Existing Long-term Brazilian Debt
Thursday, September 27, 2018, 8:41 AM ET
TORONTO, Sept. 27, 2018 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce that its operating subsidiary Vandio de Maracs S.A. has repaid in full to Banco Pine S.A. its outstanding debt (the "BP Debt") of R$70,981,564.30 (being approximately CDN$22.9 million). The BP Debt was the only long-term debt that remained outstanding in Brazil following repayment of the Company's facilities in August 2018 (see press release dated August 2, 2018).
Mr. Mark Smith, Largo's President and Chief Executive Officer, commented, "We are very pleased to have been able to repay this debt while also taking advantage of the beneficial exchange rate between the Brazilian and US currencies. With the latest European Metal Bulletin price range for V2O5 posted during the week of September 21 being US$22.25-$23.00/lb, we will continue to look for ways to improve our capital structure and create value for our shareholders."
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 Maracs 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.
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