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Talon Metals closes $37M bought deal offering to advance work on Tamarack nickel project

Published: 09:52 16 Nov 2022 EST

canadian dollars fanned out
Tamarack comprises a large land position with high-grade intercepts outside the current resource area

Talon Metals Corp. (TSX:TLO) said it has closed its previously announced bought deal public offering, raising nearly $37 million to advance work on its Tamarack nickel project.

Under the terms of the offering, Talon issued an aggregate of 75,231,237 shares at a price of $0.49 each for aggregate gross proceeds of $36,863,306.13.

The number of shares issued included 8,831,237 granted to underwriters (led by TD Securities Inc. (the "Lead Underwriter") and including BMO Capital Markets (NYSE:BMO), RBC Capital Markets, Canaccord Genuity (TSX:CF, LSE:CF) Corp, Paradigm Capital Inc, Sprott Capital Partners LP, and Stifel GMP) as part of an over-allotment option.

READ: Talon Metals announces surge in mineral resource estimate for Tamarack Nickel Project

In a statement, Talon said it plans to use a “significant amount” of the net proceeds from the offering for advancing work related to its planned exploration and development program at the Tamarack North project in Minnesota.

Additional funds will be used for general working capital purposes.

The Tamarack nickel project comprises a large land position with high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the project and currently owns 51%.

The firm has an agreement with Tesla to supply it with 75,000 metric tonnes of nickel in concentrate from Tamarack over an estimated six-year period once commercial production is achieved.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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on 01/16/2024