Underwriters help fund acquisition of project, general working capital
By Devika Patel
Knoxville, Tenn., Nov. 6 – Talon Metals Corp. said it settled a C$4.12 million private placement of units. The deal priced for C$4.12 million with a 7.5% greenshoe on Oct. 23.
The company sold 14,755,450 units of one common share and one half-share warrant at C$0.30 per unit. Of the units, 1,029,450 were part of the greenshoe.
Each whole three-year warrant is 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 was conducted on a bought-deal basis via a syndicate of underwriters led by Dundee Securities Ltd. and including Jones, Gable & Co. Ltd., Edgecrest Capital Corp. and Haywood Securities Inc.
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.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$4,426,635 (including C$308,835greenshoe)
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| Units: | 14,755,450
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| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.45
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| Agent: | Dundee Securities Ltd. (lead), Jones, Gable & Co. Ltd., Edgecrest Capital Corp. and Haywood Securities Inc.
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| Pricing date: | Oct. 23
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| Settlement date: | Nov. 6
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| Stock symbol: | Toronto: TLO
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| Stock price: | C$0.31 at close Oct. 22
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| Market capitalization: | C$30.85 million
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