Talon Metals Corp. (TSX:TLO) has announced a best efforts public offering of common shares to raise aggregate gross proceeds of up to $5 million at a price of $0.26 per common share, which it has upsized from an initial $3mln figure at the same price.
The company said it intends to use the net proceeds raised for advancing work related to its planned exploration and development program at the Tamarack North Project in Minnesota, and for general working capital purposes.
READ: Talon Metals says its Tamarack nickel project could become a strategic source of US supply for the electric vehicle battery market
The offering is being conducted by Paradigm Capital Inc. as sole agent and is expected to be conducted in each of the provinces of Canada, except the province of Québec, under a prospectus supplement to the corporation's base shelf prospectus dated March 26, 2020.
The offering will include an over-allotment option for the agent to purchase up to a number of additional common shares equal to 15% of those sold, exercisable in whole or in part at any time up to 30 days after the closing date of the offering.
The group said the offering is expected to close on or about August 13, 2020.
Talon is focused on producing nickel responsibly for the electric vehicles industry. The high-grade Tamarack Ni-Cu-Co Project is located in Minnesota, USA (which comprises the Tamarack North Project and the Tamarack South Project).
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