TORONTO, Dec. 8, 2020 /CNW/ - Largo Resources Ltd.
("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF)
announces a correction its press release dated December 8, 2020 regarding the warrant exercise
price issued in connection with the asset purchase agreement dated
effective November 25, 2020 (the
"Purchase Agreement") pursuant to which it has now acquired
certain assets of VionX Energy, including 12 patent families (the
"Assets") out of an assignment for the benefit of creditors
under Massachusetts law.
The Assets were acquired for deemed net consideration equal to
US$3,862,000 that was satisfied
through the issuance of 2,518,453 common shares of Largo (at a
deemed price per common shares of CAD$1.035, being the 5-day VWAP prior to the
execution of the Purchase Agreement) and 3,622,007 share purchase
warrants of Largo, which have an exercise price of CAD$1.30 and a term of five years.
About Largo Resources
Largo Resources is a leading, vertically integrated producer and
supplier of high-quality vanadium. Largo can service multiple
vanadium market applications through the supply of its unrivaled
VPURE™ and VPURE+™ products, which are sourced from one of the
world's highest-grade vanadium deposits at the Maracás Menchen Mine
located in Brazil. Largo is also
focused on the advancement of renewable energy storage solutions
through Largo Clean Energy and its world-class VCHARGE± vanadium
redox flow battery systems. The Company's common shares are
principally listed on the Toronto Stock Exchange under the symbol
"LGO".
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.