Business
Talon Metals Announces Closing of Investment for Proceeds of C$21.7 Million
Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - October 17, 2023) - Talon Metals Co...
About this update from Talon Metals Corp.
[{"type":"text","content":"Talon Metals Announces Closing of Investment for Proceeds of C$21.7 MillionRoad Town, Tortola, British Virgin Islands--(Newsfile Corp. - October 17, 2023) - Talon Metals Corp. (TSX: TLO) (\"Talon\" or the \"Company\") is pleased to announce that it has completed a non-brokered private placement of 80,350,000 common shares of the Company (the \"Offered Shares\") with an investor (the \"Investor\"). The Offered Shares were issued at a price of approximately C$0.27 per Offered Share for aggregate gross proceeds to the Company of approximately C$21.7 million (the \"Investment\").The Company intends to use the proceeds of the Investment for further exploration, to progress its feasibility study in respect of the Tamarack Nickel Project and the Battery Minerals Processing Facility in North Dakota and to progress the environmental review process towards permitting for the Tamarack Nickel Project and the Battery Minerals Processing Facility in North Dakota, and for general corporate and working capital purposes.In connection with the Investment, the Company entered into an investment agreement with the Investor pursuant to which the Company has granted the Investor a contractual participation right in respect of future equity financings by the Company to allow the Investor the ability to maintain its ownership interest in the Company. The Offered Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Offered Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.The Investment remains subject to final approval of the Toronto Stock Exchange (the \"TSX\"). ABOUT TALONTalon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up ...