TORONTO, July 26, 2018 (GLOBE NEWSWIRE) -- CIH – Largo Resources Ltd. Series, A Series of Cranley Investments Holdings, LLC (“CIH”), an entity managed by Mr. Alberto Beeck, a director of Largo Resources Ltd. (“Largo” or the “Company”), has reduced its ownership of common shares (“Common Shares”) of Largo.

As previously announced by the Company, Largo filed a final short form prospectus on July 20, 2018 to facilitate the sale of 60,000,000 Common Shares by certain selling shareholders (the “Secondary Offering”) of the Company to a syndicate of underwriters led by Credit Suisse Securities (Canada), Inc. and Morgan Stanley Canada Limited and including CIBC Capital Markets, Cormark Securities Inc., H.C. Wainwright & Co., LLC and Mackie Research Capital Corp. (the “Underwriters”). The selling shareholders also granted the Underwriters an over-allotment option which was exercised by the Underwriters in full on the closing date to purchase up to an additional 9,000,000 Common Shares for 30 days following the closing date (the “Over-allotment Option”).

In connection with the Secondary Offering, CIH sold 29,491,882 Common Shares (representing approximately 5.65% of the Common Shares of Largo) to the Underwriters at a price of $1.40, which includes the full exercise of the Over-allotment Option. Following the closing of the Secondary Offering, CIH now controls 21,926,489 Common Shares (representing approximately 4.20% of the Common Shares of Largo).

Mr. Beeck is also the investment advisor for the Cranley Trust and retains the power to make investment and voting decisions in respect of the Common Shares owned by the Cranley Trust, which also sold 3,858,118 Common Shares in connection with the Secondary Offering (representing approximately 0.74% of the Common Shares of Largo). Following the closing of the Secondary Offering, the Cranley Trust no longer holds any Common Shares of Largo.

Prior to the closing of the Secondary Offering, CIH and the Cranley Trust collectively had direct or indirect ownership and control over 55,276,489 Common Shares representing approximately 10.5% of Largo’s then issued and outstanding Common Shares. Following the closing of the Secondary Offering, CIH now controls 21,926,489 Common Shares representing 4.20% of the Common Shares of Largo (8.82% on a partially diluted basis in the event that Mr. Beeck and CIH exercise all of the convertible securities held or controlled by them).

CIH sold the Common Shares for investment purposes. CIH may, from time to time, subject to all necessary regulatory approvals, acquire additional Common Shares and/or dispose of such Common Shares as it deems appropriate.

This news release has been disseminated in accordance with the early warning requirements of Canadian provincial securities laws.

For further information including a copy of the corresponding report filed with Canadian provincial securities regulators, please contact:

Cranley Investments Holdings, LLC
c/o WE Family Offices
701 Brickell Ave. Suite 3100
Miami, FL 33131
Attention: Alberto Beeck

The dissemination of this release in the United States or to any United States news service may constitute a violation of U.S. securities laws.