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Talon Metals Announces Closing of Private Placement of Common Shares for Proceeds of $4,016,950
Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - May 21, 2020) - Talon Metals ...
About this update from Talon Metals Corp.
[{"type":"text","content":"Talon Metals Announces Closing of Private Placement of Common Shares for Proceeds of $4,016,950Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - May 21, 2020) - Talon Metals Corp. (TSX: TLO) (\"Talon\" or the \"Company\") is pleased to announce that it has closed a non-brokered private placement of an aggregate of 40,169,500 common shares of the Company (the \"Offered Shares\") which were issued at a price of C$0.10 per Offered Share for aggregate gross proceeds of C$4,016,950 (the \"Offering\"). The Company intends to use the net proceeds of the Offering for exploration, working capital and general corporate purposes.The Offering remains subject to final approval of the Toronto Stock Exchange (the \"TSX\").\"With the completion of this capital raising, Talon is well positioned to advance the Tamarack Project, despite the current challenging macro environment\", said Sean Werger, President of Talon. \"We would like to thank our existing shareholders for their continued support and welcome a number of new shareholders to the Company.\" Talon's CEO, Henri van Rooyen also commented: \"On the back of an extremely successful winter exploration program at Tamarack, which gave us more confidence in the existing resource, we are already planning the next exploration phase at Tamarack. Of note, this next program will focus primarily on large step-outs from the resource area, with the goal of cost-effectively testing prospective areas along the 18-km Tamarack Intrusive Complex. At the same time, we are advancing flowsheet development for both concentrate and nickel sulphate production to maximize Company value. This is an exciting time for the Company.\" Resource Capital Fund VI L.P. (\"RCF\"), an insider of the Company (as a result of its beneficial ownership of, or control or direction over, directly or indirectly, greater than 10.0% of the outstanding common shares of the Company), participated in the Offering and purchased 21,127,500 Offered Shares under the Offering for gross proceeds to the Company of C$2,112,750. The participation of RCF in the Offering constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transaction (\"MI 61-101\"). The Company has determined that the transaction is exempt from the formal valuation and mino...