July 24, 2017 / 1:08 PM / a year ago

BRIEF-Largo Resources Ltd announces a non-binding term sheet with Banco Pine

July 24 (Reuters) - Largo Resources Ltd:

* Largo Resources Ltd announces a non-binding term sheet in respect of the restructuring and conversion of existing debt facilities with Banco Pine

* Largo Resources- co, lender anticipate agreement to provide for conversion of full outstanding amount under usd facility into common shares of Largo​

* Largo Resources Ltd- ‍it is expected that, upon conversion of debt to common shares, lender will enter into a lock-up agreement​

* Largo Resources - conversion of existing $4.4 million credit facility between co , lender into shares of largo to be issued within 60 days from date of deal

* Largo - proposed arrangement includes renegotiation of repayment schedule for existing brl $89.1 million credit facility between vanádio & lender

* Largo Resources - payment schedule for brl facility to be amended to allow vanádio up to 290 days from execution to pay $8.5 million towards outstanding amount

* Largo-‍upon fulfilment of initial payment, expected that remaining amount outstanding under brl facility will be refinanced through new loan agreement​ Source text for Eikon: Further company coverage:

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