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Talon Metals Announces Closing of $27.5 Million Bought Deal Public Offering and $6.4 Million Concurrent Private Placement
Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - January 31, 2022) - Talon Metals...
About this update from Talon Metals Corp.
[{"type":"text","content":"Talon Metals Announces Closing of $27.5 Million Bought Deal Public Offering and $6.4 Million Concurrent Private PlacementRoad Town, Tortola, British Virgin Islands--(Newsfile Corp. - January 31, 2022) - Talon Metals Corp. (TSX: TLO) (\"Talon\" or the \"Corporation\") is pleased to announce today the closing of its previously announced bought deal public offering of common shares (the \"Shares\") of the Corporation (the \"Offering\"). Pursuant to the Offering, Talon issued 38,200,000 Shares at a price of $0.72 per Share (the \"Issue Price\") for aggregate gross proceeds of $27,504,000.The Offering was conducted by a syndicate of underwriters led by TD Securities Inc. (the \"Lead Underwriter\") and including Paradigm Capital Inc., BMO Capital Markets, and Sprott Capital Partners LP (collectively with the Lead Underwriter, the \"Underwriters\"), pursuant to the terms of an underwriting agreement entered into between the Corporation and the Underwriters on January 24, 2022.The Corporation has granted the Underwriters an over-allotment option (the \"Over-Allotment Option\") to purchase up to an additional 5,730,000 Shares at the Issue Price, exercisable in whole or in part at any time up to 30 days after the closing of the Offering.Concurrently with the closing of the Offering, the Corporation completed today a non-brokered private placement of 8,953,013 Shares at the Issue Price (the \"Private Placement\") with Pallinghurst Nickel International Ltd. (\"Pallinghurst\"), for aggregate gross proceeds of $6,446,169.36. The Private Placement was completed to enable Pallinghurst to maintain its ownership of approximately 19% in the Corporation. Should the Over-Allotment Option be exercised, Pallinghurst shall have the option to purchase such additional Shares under the Private Placement as to allow Pallinghurst to maintain its approximate 19% ownership of Shares of the Corporation following the exercise of the Over-Allotment Option. The Shares issued under the Private Placement are subject to a restricted hold period of four months and one day following the closing of the Private Placement. No commission or other fee will be paid to the Underwriters in connection with the sale of Shares pursuant to the Private Placement, however, a 3% finders fee was paid by the Corporation to certain finders in connection with the Private Placement.The C...