Underwriters help fund acquisition of project, general working capital
By Devika Patel
Knoxville, Tenn., Oct. 23 – Talon Metals Corp. said it will conduct a C$4.12 million private placement of units. The deal has a 7.5% greenshoe.
The company will sell 13,726,000 units of one common share and one half-share warrant at C$0.30 per unit. Each whole three-year warrant will be exercisable at C$0.45. The strike price reflects a 45.16% premium to the Oct. 22 closing share price of C$0.31.
The offering is being conducted on a bought-deal basis via a syndicate of underwriters led by Dundee Securities Ltd.
Settlement is expected on Nov. 6.
Proceeds will be used to acquire an interest in the Tamarack Nickel-Copper-Platinum project from Kennecott Exploration and for general working capital purposes.
The nickel, copper, platinum and iron explorer is based in Toronto.
| Issuer: | Talon Metals Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4,117,800
|
| Greenshoe: | 7.5%
|
| Units: | 13,726,000
|
| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.45
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| Agent: | Dundee Securities Ltd. (lead)
|
| Pricing date: | Oct. 23
|
| Settlement date: | Nov. 6
|
| Stock symbol: | Toronto: TLO
|
| Stock price: | C$0.31 at close Oct. 22
|
| Market capitalization: | C$30.39 million
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