Talon Metals Corp (TSX:TLO) (OTCMKTS:TLOFF) announced Friday it has closed an upsized bought deal public offering of common shares that raised $11.5 million.
The company said it intends to use the net proceeds for advancing work related to its planned exploration and development program at the Tamarack North Project in Minnesota as well as for general working capital purposes.
Talon issued 38,334,100 shares at $0.30 each, which includes the issuance of an additional 5 million shares as part of an over-allotment option.
READ: Talon Metals says it is “excited” by latest drill results at the Tamarack Project in Minnesota
The offering was conducted by a syndicate of underwriters co-led by Paradigm Capital Inc and Sprott Capital Partners LP, including Echelon Wealth Partners Inc. It was made in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
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. It has a well-qualified exploration and mine management team with extensive experience in project management.
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