Vanadium producer Largo resources has reached an agreement in principle with its lender Banco Pine to convert and restructure about $33-million of debt facilities, the company said on Monday.
The Toronto-headquartered miner advised that its subsidiary Vanádio de Maracás has signed a non-binding term sheet with Banco Pine to convert an existing $4.43-million credit facility to common shares of the company. The parties will also renegotiate the repayment schedule for a Largo-guaranteed $23.3-million credit facility, including accrued interest, between Vanádio and the lender, which will result, upon fulfilment of certain payment milestones, the long-term restructuring of the Brazilian real denominated facility.
