logo-loader

Talon Metals inks deal for 'bought deal' placement to raise aggregate gross proceeds of $30,000,000

Published: 11:20 25 Feb 2021 EST

Nickel -
Underwriters led by TD Securities have agreed to purchase, on a 'bought deal' basis, 50,000,000 units of the company at a price of $0.60 each

Talon Metals Corp. (TSX:TLO) said it has entered into an agreement with a syndicate of underwriters, led by TD Securities, which have agreed to purchase, on a 'bought deal' basis, 50,000,000 units of the company at a price of $0.60 each for aggregate gross proceeds of $30,000,000.

The company said it intends to use the net proceeds from the offering 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 intersects semi-massive and disseminated sulphide at Tamarack nickel project in Minnesota

Each unit will consist of one common share of Talon and one-half of a share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of $0.80 for a period of 12 months following closing of the offering.

The company has granted the underwriters an over-allotment option to purchase up to an additional 7,500,000 units at the issue price, exercisable in whole or in part at any time up to 30 days after the closing of the offering.

The offering is expected to close on or about March 18, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

Talon is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in Minnesota, USA, comprised of the Tamarack North Project and the Tamarack South Project. It has an earn-in to acquire up to 60% of the Tamarack Project. The Tamarack Project comprises a large land position (18 kilometres of strike length) with numerous high-grade intercepts outside the current resource area.

Talon is focused on expanding its current high-grade nickel mineralization resource prepared in accordance with NI 43-101; identifying additional high-grade nickel mineralization; and developing a process to potentially produce nickel sulphates responsibly for batteries for the electric vehicles industry.

Contact the author at jon.hopkins@proactiveinvestors.com

Talon Metals Hits 9.31% Nickel Equivalent in New Zone

Talon Metals Vice President of Geology Etienne Dinel joined Steve Darling from Proactive to share shared important assay results from the "Raptor Zone" during an interview with Steve Darling from Proactive. The Raptor Zone is located north of the company's Resource Area and represents a...

on 16/1/24