04:32 PM EDT, 10/22/2025 (MT Newswires) -- Largo (LGO.TO, LGO) on Wednesday closed its direct offering, raising about US$17.4 million through the sale of over 14.2-million shares at US$1.22 each.

The company also issued an equal number of unregistered warrants in a concurrent private placement. These warrants, which are exercisable immediately at the same US$1.22 price, will expire five years from their issue date, according to the statement.

The company said proceeds will be used to support its subsidiary, Largo Vanadio de Maracas unit's working capital needs through 2026. Funds will also help make payments to Brazilian lenders, the mining contractor at the Maracas Menchen Mine, and other essential suppliers.

The company's shares closed down $0.10 to $$1.60 on the Toronto Stock Exchange.