Talon Announces The Closing Of The Merger With Saber Energy
Mar 24, 2010
Not for distribution to United States wire services or for dissemination in the United States
Road Town, Tortola, British Virgin Islands (Mar 24, 2010) - Talon Metals Corp., (“Talon”) (TSX: TLO) is pleased to announce that the merger (the “Merger”) with Saber Energy Corp. (“Saber”) was completed today. As described in Talon's information circular dated February 2, 2010, upon the closing of the Merger Saber shareholders received 0.17685 of a common share of Talon (each whole such common share, a “Talon Share”) in exchange for each common share of Saber held.
Certificates representing the common shares of Talon to be issued in connection with the Merger will be delivered to Saber shareholders, who do not need to take any action to receive their common shares of Talon. Each common share of Talon held by existing Talon shareholders continues to represent one share in the merged entity, and Talon shareholders also do not need to take any action in connection with the Merger.
“The completion of the merger between Talon and Saber brings a large, rapidly developing unconventional gas project to Talon's portfolio of projects,” said Mr. Stuart Comline, President and CEO of Talon. “Significant exploration progress has been made on Saber's coal bed methane and shale gas project and the 2010 exploration program is being funded 100% by Saber's joint venture partner. Saber is a key strategic player in developing the gas industry in southern Africa, a region facing significant energy shortages.”
Talon's shares will continue trading under the symbol “TLO” on the TSX. The name of the merged company remains Talon Metals Corp. and the management team and board of directors remains unchanged. Upon completion of the Merger, the number of Talon Shares outstanding increased to approximately 64 million.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or in any state in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Talon is a TSX-listed company focused on the acquisition, exploration and development of the Trairão Iron Project in ParÁ State, Brazil. The Company has a well-qualified exploration and management team with extensive experience in exploration and project management.
Talon has a treasury of approximately CDN$5 million and has 63,877,950 Talon Shares outstanding and 67,062,950 Talon Shares on a fully diluted basis, following the closing of the Merger.
For additional information on Talon please visit the Company's website at www.talonmetals.com or contact: