VANADIUM: Largo bumps up Menchen financing to $70M

BRAZIL – Largo Resources of Toronto has bumped up the financing for the Menchen vanadium project to $70 million. When the company announced the private placement a week ago, it sought to raise $50 million.

About $50.65 million will be raised on a non-brokered basis, and $18.6 million through a brokered offering. There is also a $1.4 million overallotment for the brokered portion.

Production began at the Menchen mine in August 2014 and it is ramping up to 9,600 tonnes V₂O₅ annually for the first phase of operation. Eventually, production is to reach 11,400 tonnes of V₂O₅Eq annually over a 29-year mine life. The concentrate has a grade of 3.4% V₂O₅.

Please visit LargoResources.com.