TALON METALS ANNOUNCES CLOSING
OF $34.5 MILLION BOUGHT DEAL PUBLIC OFFERING OF UNITS
NOT FOR DISTRIBUTION TO UNITED STATES NEWS
WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Town, Tortola, British Virgin Islands (March 18, 2021) – Talon Metals Corp. (TSX: TLO)
(“Talon” or the “Corporation”) announced today the closing of its
previously announced bought deal public offering of units (the “Units”) of the Corporation (the “Offering”). Pursuant to the Offering,
Talon issued 57,500,000 Units at a price of $0.60 per Unit (the “Issue Price”) for aggregate gross
proceeds of $34,500,000, which includes the issuance of 7,500,000 Units
pursuant to the full exercise of the over-allotment option by the Underwriters
(as defined below).
Unit consists of one common share of Talon (a “Common Share”) and one-half of a Common Share purchase warrant (each
whole Common Share purchase warrant, a “Warrant”)
of Talon. Each Warrant entitles the holder to acquire one Common Share at a price
of $0.80 until March 18, 2022.
Offering was conducted by a syndicate of underwriters with TD Securities Inc.
as sole book runner and including Paradigm Capital Inc., Sprott Capital
Partners LP and Echelon Wealth Partners Inc. (collectively, the “Underwriters”), pursuant to the terms
of an underwriting agreement entered into between the Corporation and the
Offering was made in all provinces of Canada (excluding Quebec), pursuant to a
short form prospectus dated March 11, 2021 (the “Prospectus”).
Corporation intends to use the net proceeds from the Offering for advancing
work related to its planned exploration and development program at the Tamarack
North Project in Minnesota, and for general working capital purposes, as set
out in the Prospectus.
of the Prospectus is available under the Corporation’s profile on SEDAR at
offered in the Offering have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any U.S. state securities laws, and may not be offered
or sold in the United States or to, or for the account or benefit of, persons
in the United States or U.S. persons absent registration or an applicable
exemption from the registration requirements of the U.S. Securities Act and
applicable U.S. state securities laws. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. “United States” and “U.S. person” are as defined in
Regulation S under the U.S. Securities Act.
a TSX-listed base metals company in a joint venture with Rio Tinto on the
high-grade Tamarack Nickel-Copper-Cobalt Project located in Minnesota, USA,
comprised of the Tamarack North Project and the Tamarack South Project. Talon
has an earn-in to acquire up to 60% of the Tamarack Project. The Tamarack
Project comprises a large land position (18km of strike length) with numerous
high-grade intercepts outside the current resource area. 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. Talon
has a well-qualified exploration and mine management team with extensive
experience in project management.
For additional information on Talon, please
visit the Corporation’s website at www.talonmetals.com or contact:
Talon Metals Corp.
Tel: (416) 361-9636 x102
news release contains certain “forward-looking statements”. All statements,
other than statements of historical fact that address activities, events or
developments that the Corporation believes, expects or anticipates will or may
occur in the future are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Corporation based
on information currently available to the Corporation. Such forward-looking
statements include statements relating to the anticipated use of the net proceeds
from the Offering. Forward-looking statements are subject to significant risks
and uncertainties and other factors that could cause the actual results to
differ materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or effects on
statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Corporation disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Corporation
believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.