20:43:49 EST Tue 25 Feb 2020
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Talon Metals Corp
Symbol TLO
Shares Issued 429,106,508
Close 2019-08-13 C$ 0.21
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Talon Metals prices overnight offering at $10-million

2019-08-14 10:06 ET - News Release

Mr. Sean Werger reports


Talon Metals Corp. has sized its overnight marketed public offering of common shares at $10-million, pursuant to the terms of an underwriting agreement entered into today between the corporation and a syndicate of underwriters, co-led by Paradigm Capital Inc. and Canaccord Genuity Corp., including Leede Jones Gable Inc. The corporation has agreed with the underwriters to sell 58,823,530 common shares at a price of 17 cents per common share for aggregate gross proceeds of approximately $10-million.

Talon will file an amended and restated preliminary short form prospectus in each of the provinces of Canada, other than the province of Quebec, amending and restating the preliminary short form prospectus filed on Aug. 13, 2019, to reflect the terms of the offering.

Pursuant to the underwriting agreement, the corporation has granted the underwriters an option to purchase up to 8,823,530 additional common shares, exercisable, in whole or in part, at any time up to 30 days after, and including, the closing date of the offering.

The corporation intends to use the net proceeds from the offering for: (i) advancing work related to its planned exploration and development program at the Tamarack North project in Minnesota; and (ii) general working capital purposes, as described in the prospectus.

Resource Capital Fund VI LP (RCF) has advised the corporation that it intends to acquire approximately 20.0 per cent of the common shares sold pursuant to the offering. RCF is the largest shareholder of the corporation and currently owns 227,196,154 common shares, representing approximately 53 per cent of the outstanding common shares.

The offering is expected to close on or about Aug. 29, 2019, 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.

About Talon Metals Corp.

Talon Metals is a TSX-listed company focused on producing nickel responsibly for the electric vehicle industry. The high-grade Tamarack nickel-copper-cobalt project is located in Minnesota, United States (which comprises the Tamarack North project and the Tamarack South project). The company has a well-qualified exploration and mine management team with extensive experience in project management.

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