Talon upsizes financing to C$39m
TSX-listed base metals comopany Talon Metals has upsized its private placement financing to C$39-million following strong investor demand, comprising a C$25.3-million brokered bought deal and a concurrent C$13.7-million non-brokered placement.
The company will issue 115-million units at C$0.22 apiece under the brokered tranche led by Canaccord Genuity. Each unit includes one share and half a warrant, exercisable at C$0.28 for 36 months.
The non-brokered placement, which may close separately, will involve insiders and affiliates of Pallinghurst Nickel and will be issued on the same terms.
Proceeds will be used to advance Talon’s Tamarack nickel project in Minnesota, US, and cover working capital.
Talon owns 51% of Tamarack in joint venture with diversified miner Rio Tinto and can earn up to 60%. The project recently received over $135-million in combined US federal funding for domestic critical minerals supply development.
The offerings are expected to close around June 19, subject to regulatory approval.
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