Largo announces $60m at-the-market equity offering programme
TSX-listed Largo has announced the establishment of an at-the-market (ATM) equity offering programme pursuant to which it may issue and sell common shares having aggregate gross proceeds of up to $60-million from time to time on the Nasdaq.
The company notes that sales of common shares under the ATM programme, if any, will be made through HC Wainwright & Co, acting as the sole sales agent, at prevailing market prices at the time of sale, subject to market conditions and in accordance with applicable securities laws.
Largo explains that it is not obligated to sell all or any shares under the ATM programme and may suspend or terminate the programme at any time.
The company says the ATM programme provides it with additional financial flexibility and allows Largo to access the capital markets opportunistically, subject to market conditions.
Largo notes that it intends to use net proceeds from the ATM programme for working capital and general corporate purposes.
The company says the ATM programme will be conducted pursuant to a prospectus supplement and an accompanying base shelf prospectus filed with the US Securities and Exchange Commission (SEC).
Largo notes that no sale of common shares under the ATM programme will be made in Canada or over or through the facilities of the TSX or any other exchange or market in Canada.
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