Largo Announces Closing of the Second and Final Tranche of Its Private Placement Offering FOR Aggregate Gross Proceeds of CDN$16 Million
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PRESS RELEASE January 24, 2017
LARGO ANNOUNCES CLOSING OF THE SECOND AND FINAL TRANCHE OF ITS
PRIVATE PLACEMENT OFFERING FOR
AGGREGATE GROSS PROCEEDS OF CDN$16 MILLION
TORONTO – Largo Resources Ltd. (" Largo " or the " Company ") ( TSX: LGO ) ( OTCQB: LGORF ) is
pleased to announce that it has closed the second a nd final tranche (the " Second Tranche ") of its non-
brokered private placement offering (the " Offering ") of Units (as defined below) as previously disclo sed
in Largo’s press release dated December 28, 2016 and January 9, 2017.
The closing of the Second Tranche resulted in gross proceeds to the Company of CDN$997,250.40 from
the sale of 2,216,112 units of the Company (the “ Units ”), which, together with the first tranche of the
Offering (see the Company’s news release of January 9, 2017), has resulted in aggregate proceeds to
the Company of CDN$16,083,053.55 from the sale of 3 5,740,119 Units. The proceeds realized from the
Second Tranche will be used for ongoing working cap ital requirements at the Company’s Maracás
Menchen Mine and for general corporate and working capital purposes.
Mark Smith, President and Chief Executive Officer f or Largo, stated: "We sincerely appreciate the
support of both our new and existing shareholders w ho participated in this private
placement. This continued support from our various stakeholders has been the foundation on which
we have been building our success and taking advant age of our world-class vanadium
resource." He further stated: “Management is excited about the Company’s prospects in 2017, as the full
ramp up of production, lower unit production costs and industry-leading product quality at
the Maracás Menchen Mine simultaneously combine wit h the significant improvement in the global
vanadium market.”
Each Unit was sold at a price of CDN$0.45 and consi sts of one common share of the Company (each, a
"Common Share ") and one common share purchase warrant (each whol e warrant, a " Warrant "). Each
Warrant issued in the Second Tranche will be exerci sable into one Common Share at a price of
CDN$0.65 per share for a period of three years from closing of the Second Tranche. All securities issued
in the Offering will be subject to a four-month hold from the date of issuance.
About Largo
Largo Resources Ltd. is a growing strategic mineral company focused on the production of vanadium
pentoxide at its Vanadio de Maracás Menchen Mine. V anadium is primarily used as an alloy to
strengthen steel and reduce its weight. Vanadium enhanced steels are used in a vast and growing range
of products that are used and encountered every day ; including, rebar, automobiles, transport
infrastructure etc. As trends in the steel industry now demand increasingly stronger and lighter produ cts
for advanced applications, the use of vanadium is e xpected to grow over the medium and long term.
Largo also has interests in a portfolio of other pr ojects, including: a 100% interest in the Currais N ovos
Tungsten Tailings Project in Brazil; a 100% interes t in the Campo Alegre de Lourdes Iron-Vanadium
Project in Brazil; and a 100% interest in the North ern Dancer Tungsten-Molybdenum property in the
Yukon Territory, Canada. For more information, please visit www.largoresources.com .
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Disclaimer:
This press release contains forward-looking informa tion under Canadian securities legislation. Forward -looking
information includes, but is not limited to, statem ents with respect to completion of any financings; Largo's
development potential and timetable of its operatin g, development and exploration assets; Largo's abil ity to raise
additional funds necessary; the future price of van adium, tungsten and molybdenum; the estimation of m ineral
reserves and mineral resources; conclusions of econ omic evaluation; the realization of mineral reserve estimates;
the timing and amount of estimated future productio n, development and exploration; costs of future act ivities;
capital and operating expenditures; success of expl oration activities; mining or processing issues; cu rrency
exchange rates; government regulation of mining ope rations; and environmental risks. Generally, forwar d-looking
statements can be identified by the use of forward- looking terminology such as "plans", "expects" or " does not
expect", "is expected", "budget", "scheduled", "est imates", "forecasts", "intends", "anticipates" or " does not
anticipate", or "believes", or variations of such w ords and phrases or statements that certain actions , events or
results "may", "could", "would", "might" or "will b e taken", "occur" or "be achieved". All information contained in this
news release, other than statements of current and historical fact, is forward looking information. Fo rward-looking
statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievem ents of the Largo to be materially different from t hose expressed
or implied by such forward-looking statements, incl uding but not limited to those risks described in t he annual
information form of Largo and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinion s and estimates of management as of the date such
statements are made. Although management of Largo h as attempted to identify important factors that cou ld cause
actual results to differ materially from those cont ained in forward-looking statements, there may be o ther factors
that cause results not to be as anticipated, estima ted or intended. There can be no assurance that suc h statements
will prove to be accurate, as actual results and fu ture events could differ materially from those anti cipated in such
statements. Accordingly, readers should not place u ndue reliance on forward-looking statements. Largo does not
undertake to update any forward-looking statements, except in accordance with applicable securities la ws. Readers
should also review the risks and uncertainties sections of Largo's annual and interim MD&As.
NEITHER THE TORONTO STOCK EXCHANGE (NOR ITS REGULAT ORY SERVICE PROVIDER) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
CONTACT INFORMATION:
For more information, please contact:
Largo Investor Relations