/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
ROAD TOWN, Tortola, British Virgin
Islands, Aug. 29, 2019 /CNW/ -
Talon Metals Corp. (TSX:TLO) ("Talon" or the "Corporation")
announced today the closing of its previously announced overnight
marketed public offering of 65,222,300 common shares of the
Corporation (collectively, the "Common Shares") at a price of
$0.17 per Common Share for aggregate
gross proceeds of $11,087,791, which
includes the issuance of 6,398,770 Common Shares pursuant to the
partial exercise of the underwriters' over-allotment option (the
"Offering").
The Offering was underwritten by a syndicate co-led by Paradigm
Capital Inc. and Canaccord Genuity Corp. and including Leede Jones
Gable Inc.
The 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 described in the final short form prospectus filed on
August 22, 2019.
Resource Capital Fund VI L.P. ("RCF") acquired 11,764,800 Common
Shares pursuant to the Offering. RCF is the largest shareholder of
the Corporation and based on information available to the
Corporation, upon the closing of the Offering RCF now owns
238,960,954 Common Shares representing approximately 48.3% of the
issued and outstanding Common Shares of the Corporation.
The Common Shares were offered by way of a short form prospectus
filed in all of the provinces of Canada, other than the Province of Québec,
pursuant to National Instrument 44-101 – Short Form Prospectus
Distributions. The Common Shares have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. 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 Common Shares in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Talon
Talon is a TSX-listed company focused on producing nickel
responsibly for the electric vehicles industry. The high-grade
Tamarack Ni-Cu-Co Project is located in Minnesota, USA (which comprises the Tamarack
North Project and the Tamarack South Project). The Corporation has
a well-qualified exploration and mine management team with
extensive experience in project management.
Forward-Looking Statements
This 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 the statement 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 the
Corporation.
Any forward-looking 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.
SOURCE Talon Metals Corp.